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Fenner - Not Sexy But Profitable (FENR)
queen1 - 22 Oct 2004 13:52
Dull business but cracking chart, great dividend and ad hoc takeover rumours. I'm happy to settle for that kind of dull!
Smile - 23 Oct 2004 05:01 - 2 of 312
More sexy than you think.
Watch out when the results are published for news about their Chinese business. With the huge iincrease in mining output Fenner must be supplying lots of conveyer belting. Similarly S Africa and Australia's mines are humming at the moment!
Smile
Watch out when the results are published for news about their Chinese business. With the huge iincrease in mining output Fenner must be supplying lots of conveyer belting. Similarly S Africa and Australia's mines are humming at the moment!
Smile
queen1 - 24 Oct 2004 13:34 - 3 of 312
Smile - thanks for that. Your name appears apt as I am now! Let's hope SP momentum keeps going!!
queen1 - 26 Oct 2004 17:22 - 4 of 312
Another nice little tick up today......
queen1 - 29 Oct 2004 13:58 - 5 of 312
And a further 2% so far today. Small steps but getting exciting...
queen1 - 02 Nov 2004 21:33 - 6 of 312
....+3.5% and a new high today. Is no-one else interested in this little gem?
ironnick151157 - 03 Nov 2004 07:33 - 7 of 312
I look in now and again. I've been holding since 101p, so I'm very pleased indeed. I'm looking for 135p by year end.
queen1 - 03 Nov 2004 22:56 - 8 of 312
Good for you ironnick151157! I got in at 108p so a little behind you but still willing the price on! I think that this one has legs and although not as sexy as some of the oil exploration stocks at present it could surprise a few people (hopefully!)
queen1 - 16 Nov 2004 21:48 - 9 of 312
Looks like you're going to get your 135p ironnick!!
queen1 - 18 Nov 2004 21:27 - 10 of 312
ironnick - you're pretty much there. You selling or staying put?
ironnick151157 - 21 Nov 2004 10:41 - 11 of 312
Q, Sorry for the delay in getting back to you. I've been away for the past two weeks and couldn't get near a computer. On the ADVFN board the have been some very positive comments as well as from Robbie Burns, on his site & in the Sunday Times. I'm still holding out for the 135p, but will have another look at where I think it's heading, when it gets there.
Cheers,
IN
Cheers,
IN
queen1 - 21 Nov 2004 19:28 - 12 of 312
No worries - I hope that the break was on a deserted beach somewhere in the Pacific!
ironnick151157 - 23 Nov 2004 13:03 - 13 of 312
I wish it was. Unfortunately I broke my both legs in seperate accidents whilst training for my next Ironman race. Had to go away to get them fixed.
IN
IN
queen1 - 23 Nov 2004 22:33 - 14 of 312
Nightmare! Sorry to have brought that to the surface. I'm hoping that you are okay now but if you do the Ironman races then I guess you're made of pretty stern stuff.
queen1 - 12 Jan 2005 22:24 - 15 of 312
LONDON (AFX) - Fenner PLC told shareholders at today's AGM that, with strong order levels and buoyant demand across most operations, the outlook remains unchanged for an improved result for the six months to February 2005.
Chairman Colin Cooke said the group is confident of further progress in the remainder of the year.
He said the weakness of the US dollar continues to impinge on profits in the specialist polymer operations but these businesses continue to grow, especially in the area of silicone hose products.
In addition, the group said the worldwide resurgent demand for coal, at significantly higher prices, has sustained the high level of orders for the company's heavyweight conveyor belting products - particularly in North America.
As expected, however, it said raw material input costs driven by high oil prices, supply constraints and unprecedented demand present a constant challenge to the company's businesses.
Chairman Colin Cooke said the group is confident of further progress in the remainder of the year.
He said the weakness of the US dollar continues to impinge on profits in the specialist polymer operations but these businesses continue to grow, especially in the area of silicone hose products.
In addition, the group said the worldwide resurgent demand for coal, at significantly higher prices, has sustained the high level of orders for the company's heavyweight conveyor belting products - particularly in North America.
As expected, however, it said raw material input costs driven by high oil prices, supply constraints and unprecedented demand present a constant challenge to the company's businesses.
queen1 - 19 Jan 2005 17:52 - 16 of 312
Nice tick up again today - is no-one out there interested in this little gem?
moneyplus
- 19 Jan 2005 23:05
- 17 of 312
very interested but no money at present!!
queen1 - 20 Jan 2005 13:20 - 18 of 312
Well keep watching moneyplus as I'm hoping for great things from FENR!
ironnick
- 26 Jan 2005 14:04
- 19 of 312
Queen,
Where do you see this going? I had thought it would level out at 135, but it's gone past that.
IN
Where do you see this going? I had thought it would level out at 135, but it's gone past that.
IN
queen1 - 26 Jan 2005 19:46 - 20 of 312
Well, have breached the March 2002 level of 140p and the next resistance seems to me a re-test of the March 1998 high of c.220p. Now, that would be nice!
queen1 - 31 Jan 2005 12:55 - 21 of 312
LONDON (AFX) - Speculators had a crack at Fenner, 3 pence firmer at 145-1/2, amid talk that Brown Shipley has received a 160 pence-a-share offer from a cash-rich US conglomerate for its 11.4 pct stake in the conveyor belt manufacturer. Traders say that, in the event of a full-blown bid for Fenner, a take-out price would have to be north of 200 pence.
This is from the end of last week. Looks exciting and if events head in a bid direction my prediction of 220p may not be too far wrong. Now wouldn't that be nice!
This is from the end of last week. Looks exciting and if events head in a bid direction my prediction of 220p may not be too far wrong. Now wouldn't that be nice!
queen1 - 10 Feb 2005 20:06 - 22 of 312
A new high - go on my son!
queen1 - 20 Apr 2005 13:12 - 23 of 312
LONDON (AFX) - Global engineer Fenner PLC said it plans to raise 54.1 mln stg in a placing and open offer at 127 pence per share to fund the 44.6 mln stg agreed bid for Wellington Holdings PLC, announced today.
The offer for Wellington is on the basis of 123 pence in cash plus 0.456 new Fenner shares, valuing each Wellington share at 185 pence. Alternatively, Wellington shareholders may elect to receive a full cash alternative of 180 pence for each Wellington share.
Fenner has received irrevocable undertakings and letters of intent to accept the offer in respect of 15,431,094 Wellington shares in aggregate, representing approximately 64.67 pct.
Fenner also released results today for the six months to Feb 28 2005 which showed pretax profit more than doubled to 3.6 mln stg from 1.6 mln a year earlier. It said the outlook is positive and volumes remain strong in most major markets.
Fenner said that with the purchase of Wellington, the enlarged group offers the potential for technical synergies, cost savings and an attractive platform to acquire other international businesses.
Wellington and Fenner have also been exploring the possibility of establishing a joint venture in China, which would enable Wellington to exploit emerging opportunities for its products in the energy markets.
In addition, the Fenner directors believe the acquisition of Wellington to be a low risk expansion opportunity for Fenner as the Wellington Group's sales are well diversified geographically, which the Fenner directors consider provides protection against a downturn in any one territory.
The Fenner directors said they believe that the acquisition, taking into account the full effects of the placing and open offer, would be earnings enhancing in the first full year of ownership.
The Fenner board also said today that it is in early discussions with a number of potential acquisition targets, but there is no certainty that any of these potential acquisitions will be successfully concluded.
The improved balance sheet strength and scale of Fenner after the acquisition of Wellington together with the maximum net proceeds of the Placing and Open Offer of approximately 19.6 mln stg would enable the Fenner Group to actively pursue its acquisition strategy, it said.
The offer for Wellington is on the basis of 123 pence in cash plus 0.456 new Fenner shares, valuing each Wellington share at 185 pence. Alternatively, Wellington shareholders may elect to receive a full cash alternative of 180 pence for each Wellington share.
Fenner has received irrevocable undertakings and letters of intent to accept the offer in respect of 15,431,094 Wellington shares in aggregate, representing approximately 64.67 pct.
Fenner also released results today for the six months to Feb 28 2005 which showed pretax profit more than doubled to 3.6 mln stg from 1.6 mln a year earlier. It said the outlook is positive and volumes remain strong in most major markets.
Fenner said that with the purchase of Wellington, the enlarged group offers the potential for technical synergies, cost savings and an attractive platform to acquire other international businesses.
Wellington and Fenner have also been exploring the possibility of establishing a joint venture in China, which would enable Wellington to exploit emerging opportunities for its products in the energy markets.
In addition, the Fenner directors believe the acquisition of Wellington to be a low risk expansion opportunity for Fenner as the Wellington Group's sales are well diversified geographically, which the Fenner directors consider provides protection against a downturn in any one territory.
The Fenner directors said they believe that the acquisition, taking into account the full effects of the placing and open offer, would be earnings enhancing in the first full year of ownership.
The Fenner board also said today that it is in early discussions with a number of potential acquisition targets, but there is no certainty that any of these potential acquisitions will be successfully concluded.
The improved balance sheet strength and scale of Fenner after the acquisition of Wellington together with the maximum net proceeds of the Placing and Open Offer of approximately 19.6 mln stg would enable the Fenner Group to actively pursue its acquisition strategy, it said.
ironnick
- 23 Apr 2005 09:11
- 24 of 312
Queen,
Just got my letter with details of the open offer. What do you think? Opinions anyone?
Cheers,
IN
Just got my letter with details of the open offer. What do you think? Opinions anyone?
Cheers,
IN
queen1 - 23 Apr 2005 12:35 - 25 of 312
ironnick - I still think that FENR is ripe for being gobbled up (probably by an American firm) and whilst waiting for that, the underlying business seems to be going from strength to strength. I for one will be taking up my offer.
ironnick
- 24 Apr 2005 08:18
- 26 of 312
Queen,
Many thanks for your prompt reply. I'm inclined to see it your way as well. I was going to take up the offer anyway, but it's nice to have an opinion confirmed.
Many thanks,
IN
Many thanks for your prompt reply. I'm inclined to see it your way as well. I was going to take up the offer anyway, but it's nice to have an opinion confirmed.
Many thanks,
IN
ironnick
- 24 Apr 2005 08:26
- 27 of 312
Queen,
Sorry, I forgot to ask. I don't suppose you've seen any comment re the offer in IC or Shares? I was wondering what their take on it was?
IN
Sorry, I forgot to ask. I don't suppose you've seen any comment re the offer in IC or Shares? I was wondering what their take on it was?
IN
queen1 - 24 Apr 2005 13:12 - 28 of 312
Hi ironnick, no I've not seen anything in either publication but would expect something in the Shares "Special Situations" section this coming week. Good luck with your holding!
ironnick
- 29 Apr 2005 18:02
- 29 of 312
Queen,
I didn't see anything in the special situations of Shares. The seemed neutral overall, but positive on future orders, which they couldn't see slowing down. They seemed to think the the $: exchange rate might be affecting them. I didn't see the IC.
IN
I didn't see anything in the special situations of Shares. The seemed neutral overall, but positive on future orders, which they couldn't see slowing down. They seemed to think the the $: exchange rate might be affecting them. I didn't see the IC.
IN
queen1 - 30 Apr 2005 22:58 - 30 of 312
Thanks ironnick. There were a lot of holds & sells in this week's Shares mag, far more than usual. They seem happy to be following the market down at present.
ironnick
- 01 May 2005 09:09
- 31 of 312
Queen,
Not sure if you saw this on the other thread. It strikes me that you could top up a slightly cheaper if you didn't take up the offer. I have edited the post to make it a bit clearer.
"I have got rights at 127p; but 3 for 7 is a big capital ask. Fenner is a solid unspectacular yield play, so I am a little suspicious about a business that distributes a load of money in divis and then asks for it back. If nothing else (unless held in an ISA) this is tax inefficient, and smacks a little of poor forward planning. At the moment, I am not inclined to participate. I am therefore inclined to hold and see how price develops, but not to take up the offer."
IN
Not sure if you saw this on the other thread. It strikes me that you could top up a slightly cheaper if you didn't take up the offer. I have edited the post to make it a bit clearer.
"I have got rights at 127p; but 3 for 7 is a big capital ask. Fenner is a solid unspectacular yield play, so I am a little suspicious about a business that distributes a load of money in divis and then asks for it back. If nothing else (unless held in an ISA) this is tax inefficient, and smacks a little of poor forward planning. At the moment, I am not inclined to participate. I am therefore inclined to hold and see how price develops, but not to take up the offer."
IN
queen1 - 01 May 2005 17:25 - 32 of 312
Interesting. I do actually hold these in an ISA but bought for the takeover potential, as well as the solid growth and good dividend. DYOR etc and each to their own :-)
queen1 - 08 Aug 2005 19:38 - 33 of 312
I'm really surprised that no-one else is interested in this baby: it's got strong growth, a cracking dividend and an increasing exposure to the Chinese market. a winner on all counts with a rising sp!
evilratboy - 01 Apr 2006 17:02 - 34 of 312
Is anyone still in this ? Im thinking about it and would appreciate anyone elses views.
Cheers
Cheers
contrarion - 30 Aug 2006 01:12 - 35 of 312
QUEEN 1, I agree wholeheartedly.
EVILRATBOY, if you are not already in this stock. I would advise you to buy on any market correction that takes its share price below 1.80p. This a fast growing stock directly linked to the China's commodity and railway industries so its profits will continue to increase for several years. I have held them from 1.17p and will continue to do so unless China falls into a very serious recession.
EVILRATBOY, if you are not already in this stock. I would advise you to buy on any market correction that takes its share price below 1.80p. This a fast growing stock directly linked to the China's commodity and railway industries so its profits will continue to increase for several years. I have held them from 1.17p and will continue to do so unless China falls into a very serious recession.
Socrates
- 22 Apr 2008 09:02
- 36 of 312
Anybody else in FENR at present?
mitzy - 17 Nov 2008 08:52 - 37 of 312
Any interest ..?
Saintserf - 31 Dec 2008 23:53 - 38 of 312
I've just been reading Fenner's preliminary results from november. I'm not great at understanding results so I may not be analysing it correctly. I like the dividend which is currently at 9%. They've increased it this year which suggests confidence. But I was a bit troubled by the amount they spent in acquiring companies this year. Long term it may be great but to pay for this their net debt at the end of the year is (according to page 14 of the results) 97.6 million from 36.3 last year.. They had an institutional placing earlier in the year I think when the price was much higher. This level of debt might be fine and quite manageable but some of it comes from bank loans from what I understand, that concerns me in case the banks decide to change the rates of these loans.
HARRYCAT
- 26 Apr 2009 10:13
- 39 of 312
"Fenner PLC, the global engineer specialising in reinforced polymer technology, will be announcing its interim results on Wednesday 29 April 2009."
FT tipping this as a bombed out share with good potential, based on the assumption that all the bad news has now been factored in to the sp. Even disappointing results may not take the sp down much further.
FT tipping this as a bombed out share with good potential, based on the assumption that all the bad news has now been factored in to the sp. Even disappointing results may not take the sp down much further.
blackdown - 26 Apr 2009 17:25 - 40 of 312
Correction. One of the private investors who writes a column for the FT Weekend is tipping Fenner.
HARRYCAT
- 26 Apr 2009 18:34
- 41 of 312
Correct. FT is a generic term, as all articles therein are written by individuals.
required field - 29 Apr 2009 13:34 - 42 of 312
Quite a surge on this one.....very bullish update has probably done it !.
HARRYCAT
- 29 Apr 2009 13:56
- 43 of 312
MoneyAM
"First half pre-tax profits at reinforced polymer technology specialist Fenner fell to 12.1m from 16.2m last time. Revenue increased by 28% to 257.6m, assisted by well performing acquisitions, and the firm is maintaining its interim dividend at 2.2p, which, it says, reflects confidence in its prospects.
Chairman Colin Cooke said the conveyor belting division - which represents 70% of revenue - had demonstrated resilience over the period.
He added: "There now appear to be more signs of stability with the effects of customer de-stocking coming to an end in some of the industrial businesses.
"This has not yet given rise to a significant increase in volumes but action has been taken to adjust our costs appropriately in each business."
"First half pre-tax profits at reinforced polymer technology specialist Fenner fell to 12.1m from 16.2m last time. Revenue increased by 28% to 257.6m, assisted by well performing acquisitions, and the firm is maintaining its interim dividend at 2.2p, which, it says, reflects confidence in its prospects.
Chairman Colin Cooke said the conveyor belting division - which represents 70% of revenue - had demonstrated resilience over the period.
He added: "There now appear to be more signs of stability with the effects of customer de-stocking coming to an end in some of the industrial businesses.
"This has not yet given rise to a significant increase in volumes but action has been taken to adjust our costs appropriately in each business."
required field - 30 Apr 2009 23:15 - 44 of 312
It's those lines that made me climb aboard a few days ago.....It impressed me as well !.
HARRYCAT
- 19 Jul 2009 11:22
- 45 of 312
Goes ex-divi 29th July '09. (2.2p)
adsan - 16 Sep 2009 10:10 - 46 of 312
still looking good for a rise towards 200p IMHO
adsan - 16 Sep 2009 10:27 - 47 of 312
set my TP to 220p what with bid rumours always circulating and the outlook being much improved now
adsan - 16 Sep 2009 10:47 - 48 of 312
broker target is 170p and that is 20%+ to current SP and that is conservative
adsan - 16 Sep 2009 11:08 - 49 of 312
who is watching these from the sidelines then eh?
to buy you have to pay a premium
sell and they are paying you a premium
they want your stock me thinks and this is only going to be moving in one direction and pretty rapidly DYOR as always
to buy you have to pay a premium
sell and they are paying you a premium
they want your stock me thinks and this is only going to be moving in one direction and pretty rapidly DYOR as always
adsan - 16 Sep 2009 11:20 - 50 of 312
.
adsan - 16 Sep 2009 11:31 - 51 of 312
.
adsan - 16 Sep 2009 11:38 - 52 of 312
.
adsan - 16 Sep 2009 11:43 - 53 of 312
buyers trickling in and look at it move alot more to come IMHO
adsan - 16 Sep 2009 11:47 - 54 of 312
still on the sidelines eh?
adsan - 16 Sep 2009 11:53 - 55 of 312
.
adsan - 16 Sep 2009 12:02 - 56 of 312
160p close at least IMHO with more to come on this breakout
goldfinger
- 08 Jan 2010 08:53
- 57 of 312
Fenner FENR just about to break out..
Prospective P/E of just 10.6 going up to results in 2011, way undervalued I reckon.
Little wonder most of the brokers have a BUY reco placed on it.....
Fenner PLC
FORECASTS
2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Panmure Gordon
07-01-10 BUY 36.86 14.62 6.60 53.06 21.87 7.26
Arden Partners
06-01-10 ADD 36.00 14.62 6.60 42.00 17.06 6.60
ABN AMRO
22-12-09 BUY 35.01 14.12 6.60 42.20 16.98 6.90
KBC Peel Hunt Ltd
22-12-09 BUY 37.20 15.01 6.60 45.50 18.34 7.00
Collins Stewart
14-12-09 BUY 14.50 16.60
Eden Group
02-12-09 BUY
Brewin Dolphin Investment Banking
12-11-09 BUY 37.20 15.10 6.60 45.00 18.00 7.00
Numis Securities Ltd
11-11-09 ADD 36.50 14.80 6.60 46.50 18.50 6.90
Fyshe Horton Finney Ltd
31-03-09 HOLD
2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 36.44 14.63 6.60 44.03 17.53 6.95
1 Month Change -0.50 -0.04 0.00 -1.63 -0.44 -0.02
3 Month Change 2.49 1.05 0.00 1.83
GROWTH
2009 (A) 2010 (E) 2011 (E)
Norm. EPS -24.98% 9.94% 19.82%
DPS 6.02% 0.00% 5.30%
INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)
EBITDA 57.50m 65.40m 72.92m
EBIT 35.70m m m
Dividend Yield 3.52% 3.52% 3.71%
Dividend Cover 2.02x 2.22x 2.52x
PER 14.08x 12.80x 10.68x
PEG -0.56f 1.29f 0.54f
Net Asset Value PS 17.05p 112.41p 117.63p
Prospective P/E of just 10.6 going up to results in 2011, way undervalued I reckon.
Little wonder most of the brokers have a BUY reco placed on it.....
Fenner PLC
FORECASTS
2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Panmure Gordon
07-01-10 BUY 36.86 14.62 6.60 53.06 21.87 7.26
Arden Partners
06-01-10 ADD 36.00 14.62 6.60 42.00 17.06 6.60
ABN AMRO
22-12-09 BUY 35.01 14.12 6.60 42.20 16.98 6.90
KBC Peel Hunt Ltd
22-12-09 BUY 37.20 15.01 6.60 45.50 18.34 7.00
Collins Stewart
14-12-09 BUY 14.50 16.60
Eden Group
02-12-09 BUY
Brewin Dolphin Investment Banking
12-11-09 BUY 37.20 15.10 6.60 45.00 18.00 7.00
Numis Securities Ltd
11-11-09 ADD 36.50 14.80 6.60 46.50 18.50 6.90
Fyshe Horton Finney Ltd
31-03-09 HOLD
2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 36.44 14.63 6.60 44.03 17.53 6.95
1 Month Change -0.50 -0.04 0.00 -1.63 -0.44 -0.02
3 Month Change 2.49 1.05 0.00 1.83
GROWTH
2009 (A) 2010 (E) 2011 (E)
Norm. EPS -24.98% 9.94% 19.82%
DPS 6.02% 0.00% 5.30%
INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)
EBITDA 57.50m 65.40m 72.92m
EBIT 35.70m m m
Dividend Yield 3.52% 3.52% 3.71%
Dividend Cover 2.02x 2.22x 2.52x
PER 14.08x 12.80x 10.68x
PEG -0.56f 1.29f 0.54f
Net Asset Value PS 17.05p 112.41p 117.63p
goldfinger
- 08 Jan 2010 11:23
- 58 of 312
Fenner FENR on the verge of a breakout.
Check out the Buy volume V the Sell volume.
Broker as a 272p SP target.
07-Jan-10 Fenner FENR Panmure Gordon Buy 187.30p 272.00p
272p target.
Check out the Buy volume V the Sell volume.
Broker as a 272p SP target.
07-Jan-10 Fenner FENR Panmure Gordon Buy 187.30p 272.00p
272p target.
HARRYCAT
- 23 Jul 2010 10:26
- 59 of 312
StockMarketWire.com
"Fenner's third quarter revenue and underlying operating profit were well ahead of the comparable period last year.
It said trading in the advanced engineered products division has exceeded expectations, with growth from the underlying recovery in industrial markets, particularly the US, supplemented by a re-stocking of supply chains in certain operations.
And it said the conveyor belting division, which was largely unaffected by the economic downturn, has continued to perform well."
Fenner Plc (FENR) Ex-dividend (2.4 GBp) 28th July '10.
"Fenner's third quarter revenue and underlying operating profit were well ahead of the comparable period last year.
It said trading in the advanced engineered products division has exceeded expectations, with growth from the underlying recovery in industrial markets, particularly the US, supplemented by a re-stocking of supply chains in certain operations.
And it said the conveyor belting division, which was largely unaffected by the economic downturn, has continued to perform well."
Fenner Plc (FENR) Ex-dividend (2.4 GBp) 28th July '10.
goldfinger
- 25 Jul 2010 18:47
- 60 of 312
Lovely chart.
Fundies very cheap aswell. (hemscott premium)
Forward P/E to 2011 just 11.8 and EPS rise of 17%....... I think thats very conservative lets not forget before the recession these were trading on a P/E of between 15 and 20.
Recent Broker SP targets 270p and 290p.
Fenner PLC
FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Panmure Gordon
23-07-10 BUY 44.90 17.40 6.80 58.80 22.10 7.14
Arden Partners
22-07-10 BUY 45.00 17.20 7.20 55.00 20.00 7.80
KBC Peel Hunt Ltd
22-07-10 HOLD 45.00 17.37 7.20 55.00 19.92 7.90
Brewin Dolphin Investment Banking
22-07-10 BUY 43.00 16.50 7.20 51.80 18.50 7.50
Collins Stewart
19-07-10 BUY 16.00 18.20
Numis Securities Ltd
19-07-10 BUY 45.00 17.20 7.20 54.60 19.80 7.70
Eden Group
03-06-10 BUY
Fairfax IS
28-05-10 BUY 42.50 15.90 7.20 52.40 18.70 7.80
The Royal Bank of Scotland NV
04-05-10 BUY 38.01 15.28 6.60 44.20 17.79 6.90
Fyshe Horton Finney Ltd
25-01-10 BUY
2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 44.31 16.93 7.20 53.81 19.19 7.73
1 Month Change 2.09 0.67 0.03 1.25 0.13 0.23
3 Month Change 5.84 1.45 0.60 5.46 -0.28 0.71
GROWTH
2009 (A) 2010 (E) 2011 (E)
Norm. EPS -24.98% 27.21% 13.36%
DPS 6.02% 9.09% 7.39%
INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)
EBITDA 57.50m 73.29m 81.25m
EBIT 35.70m 52.70m 62.90m
Dividend Yield 2.91% 3.18% 3.41%
Dividend Cover 2.02x 2.35x 2.48x
PER 17.04x 13.40x 11.82x
PEG -0.68f 0.49f 0.88f
Net Asset Value PS 17.05p 113.58p 119.59p
Fundies very cheap aswell. (hemscott premium)
Forward P/E to 2011 just 11.8 and EPS rise of 17%....... I think thats very conservative lets not forget before the recession these were trading on a P/E of between 15 and 20.
Recent Broker SP targets 270p and 290p.
Fenner PLC
FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Panmure Gordon
23-07-10 BUY 44.90 17.40 6.80 58.80 22.10 7.14
Arden Partners
22-07-10 BUY 45.00 17.20 7.20 55.00 20.00 7.80
KBC Peel Hunt Ltd
22-07-10 HOLD 45.00 17.37 7.20 55.00 19.92 7.90
Brewin Dolphin Investment Banking
22-07-10 BUY 43.00 16.50 7.20 51.80 18.50 7.50
Collins Stewart
19-07-10 BUY 16.00 18.20
Numis Securities Ltd
19-07-10 BUY 45.00 17.20 7.20 54.60 19.80 7.70
Eden Group
03-06-10 BUY
Fairfax IS
28-05-10 BUY 42.50 15.90 7.20 52.40 18.70 7.80
The Royal Bank of Scotland NV
04-05-10 BUY 38.01 15.28 6.60 44.20 17.79 6.90
Fyshe Horton Finney Ltd
25-01-10 BUY
2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 44.31 16.93 7.20 53.81 19.19 7.73
1 Month Change 2.09 0.67 0.03 1.25 0.13 0.23
3 Month Change 5.84 1.45 0.60 5.46 -0.28 0.71
GROWTH
2009 (A) 2010 (E) 2011 (E)
Norm. EPS -24.98% 27.21% 13.36%
DPS 6.02% 9.09% 7.39%
INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)
EBITDA 57.50m 73.29m 81.25m
EBIT 35.70m 52.70m 62.90m
Dividend Yield 2.91% 3.18% 3.41%
Dividend Cover 2.02x 2.35x 2.48x
PER 17.04x 13.40x 11.82x
PEG -0.68f 0.49f 0.88f
Net Asset Value PS 17.05p 113.58p 119.59p
goldfinger
- 26 Jul 2010 08:43
- 61 of 312
Recent Broker Target SPs range from 237p to 290p and that still looks miserly.
Date Broker name New Price Old price target New price target Broker change
19-Jul-10 Brewin Dolphin Buy 225.30p 270.00p - Reiteration
19-Jul-10 Collins Stewart Buy 225.30p 237.00p - Reiteration
02-Jul-10 Panmure Gordon Buy 192.30p 290.00p - Reiteration
Date Broker name New Price Old price target New price target Broker change
19-Jul-10 Brewin Dolphin Buy 225.30p 270.00p - Reiteration
19-Jul-10 Collins Stewart Buy 225.30p 237.00p - Reiteration
02-Jul-10 Panmure Gordon Buy 192.30p 290.00p - Reiteration
HARRYCAT
- 06 Sep 2010 11:00
- 62 of 312
"Fenner, the industrial conveyor belt maker, expects results for the year to 31st August 2010 to be at the top end of market expectations. The trading environment for its conveyor belting operations in the mining sector remains strong, while the Advanced Engineered Products division has returned to historic margin run rates with improvements across the spectrum of operations, the company said."
HARRYCAT
- 29 Oct 2010 09:53
- 63 of 312
StockMarketWire.com
Fenner, a global engineer specialising in reinforced polymer technology, will release its final results on 10th November '10.
Fenner, a global engineer specialising in reinforced polymer technology, will release its final results on 10th November '10.
HARRYCAT
- 05 Nov 2010 08:31
- 64 of 312
StockMarketWire.com
Fenner is extending its reach in the Australian mining industry with the takeover of BBV for up to A$63.95m.
Fenner said its subsidiary, Fenner Dunlop Conveyor Services, has exchanged contracts to enter into a joint venture with Belle Banne (Victoria), Leading Edge Conveyor Solutions and associated interests - together BBV - that will lead to its acquisition.
Belle Banne (Victoria is based in the State of Victoria, Australia, and Leading Edge Conveyor Solutions Pty is based in Queensland.
Both companies are providers of conveyor maintenance services and products to the mining industry and materials handling industries.
The acquisition will increase the domestic presence of the Fenner Dunlop operations in Australia, trading as Fenner Dunlop Australia and enable its to extend its provision of conveyor engineering, conveyor related products and other value added services to the mining and industrial markets throughout Australasia.
BBV earned profits before tax of A$6.6m in the year to the end of June.
Fenner says the transaction is expected to be earnings enhancing immediately upon acquisition.
Fenner is extending its reach in the Australian mining industry with the takeover of BBV for up to A$63.95m.
Fenner said its subsidiary, Fenner Dunlop Conveyor Services, has exchanged contracts to enter into a joint venture with Belle Banne (Victoria), Leading Edge Conveyor Solutions and associated interests - together BBV - that will lead to its acquisition.
Belle Banne (Victoria is based in the State of Victoria, Australia, and Leading Edge Conveyor Solutions Pty is based in Queensland.
Both companies are providers of conveyor maintenance services and products to the mining industry and materials handling industries.
The acquisition will increase the domestic presence of the Fenner Dunlop operations in Australia, trading as Fenner Dunlop Australia and enable its to extend its provision of conveyor engineering, conveyor related products and other value added services to the mining and industrial markets throughout Australasia.
BBV earned profits before tax of A$6.6m in the year to the end of June.
Fenner says the transaction is expected to be earnings enhancing immediately upon acquisition.
kate bates - 05 Nov 2010 11:09 - 65 of 312
I've bought 2 lots today with the chart position mainly alerting me alongside China's never ending appetite for all things commodity meaning much work for FENR.
HARRYCAT
- 10 Nov 2010 08:53
- 66 of 312
StockMarketWire.com
Conveyor systems producer Fenner reported a year of strong progress, reflecting market recovery, increased market penetration and growth in market share.
Fenner said demand levels gained momentum as the year progressed, with a marked improvement in the second half.
Revenue increased by 11% to 552.5m.
Underlying operating profit grew by 38% to 57m, while underlying pre-tax profit rose 49% to 46.3m and reported pre-tax profit was 37.2m (2009: 5.6m).
Underlying EPS grew by 40% to 17.9p.
Net cash inflow from operating activities improved by 84% to 66.8m.
Dividend per share for the year was raised to 7.2p (2009: 6.6p).
Conveyor Belting continued to grow at a healthy rate; underlying operating profit grew by 31% to 40.5m on revenues up 8% to 389.5m.
Advanced Engineered Products saw a continuously improving trend throughout the year, with growth from recovery in industrial markets and customer restocking; underlying operating profit1 grew by 43% to 22.6m on revenues up 18% to 163m.
The Group raised 35.2m of equity finance during the year to fund acquisitive growth. MRI Medical, Belle Banne Victoria and Leading Edge Conveyor Solutions have been acquired.
Fenner said the current year has commenced strongly with all businesses performing well.
Conveyor systems producer Fenner reported a year of strong progress, reflecting market recovery, increased market penetration and growth in market share.
Fenner said demand levels gained momentum as the year progressed, with a marked improvement in the second half.
Revenue increased by 11% to 552.5m.
Underlying operating profit grew by 38% to 57m, while underlying pre-tax profit rose 49% to 46.3m and reported pre-tax profit was 37.2m (2009: 5.6m).
Underlying EPS grew by 40% to 17.9p.
Net cash inflow from operating activities improved by 84% to 66.8m.
Dividend per share for the year was raised to 7.2p (2009: 6.6p).
Conveyor Belting continued to grow at a healthy rate; underlying operating profit grew by 31% to 40.5m on revenues up 8% to 389.5m.
Advanced Engineered Products saw a continuously improving trend throughout the year, with growth from recovery in industrial markets and customer restocking; underlying operating profit1 grew by 43% to 22.6m on revenues up 18% to 163m.
The Group raised 35.2m of equity finance during the year to fund acquisitive growth. MRI Medical, Belle Banne Victoria and Leading Edge Conveyor Solutions have been acquired.
Fenner said the current year has commenced strongly with all businesses performing well.
HARRYCAT
- 01 Dec 2010 08:24
- 67 of 312
Fenner Completes Joint Venture Arrangements with BBV
Further to the announcement on 5 November 2010 that Fenner had exchanged contracts to enter into a Joint Venture with BBV, Fenner confirms that all conditions precedent have been met and that the formal Joint Venture arrangements were completed on 9th November 2010 and the final part of the transaction relating to associated interests completed on 30th November 2010.
Fenner is a world leader in the field of reinforced polymer engineering. Products include conveyor belting for the mining and power generation markets; precision motion control products for the office automation and mechanical equipment markets; sealing products for the mining, hydraulics and energy industries; technical fabrics and polymer products for the medical device industry.
Further to the announcement on 5 November 2010 that Fenner had exchanged contracts to enter into a Joint Venture with BBV, Fenner confirms that all conditions precedent have been met and that the formal Joint Venture arrangements were completed on 9th November 2010 and the final part of the transaction relating to associated interests completed on 30th November 2010.
Fenner is a world leader in the field of reinforced polymer engineering. Products include conveyor belting for the mining and power generation markets; precision motion control products for the office automation and mechanical equipment markets; sealing products for the mining, hydraulics and energy industries; technical fabrics and polymer products for the medical device industry.
HARRYCAT
- 03 Dec 2010 08:23
- 68 of 312
StockMarketWire.com
Fenner started with buy rating at Citigroup, target price 348p.
Fenner started with buy rating at Citigroup, target price 348p.
halifax - 28 Apr 2011 16:44 - 69 of 312
Up another 5% today nice results and broker upgrades.
halifax - 17 May 2011 13:07 - 70 of 312
FENR at all time high.
halifax - 15 Jun 2011 16:20 - 71 of 312
trying to break through 400p.
HARRYCAT
- 29 Jun 2011 09:35
- 72 of 312
Goes ex-divi 27th July '11 (2.65p)
halifax - 30 Jun 2011 16:02 - 73 of 312
Through 400p at last.
HARRYCAT
- 18 Jul 2011 08:21
- 74 of 312
StockMarketWire.com
Fenner reveal strong third quarter trading with revenues up significantly at constant exchange rates.
The group says in the conveyor belting division, demand patterns from the coal sector have been robust with end users placing orders to secure forward supplies.
A continued recovery was evident in industrial markets which added volume to plant throughput.
It adds: "We have experienced a period of rising input costs in an environment of escalating raw material prices which has necessitated selling price adjustments.
"Margins have been maintained ahead of those of the prior year."
Fenner says that with trading results comfortably meeting its expectations, it remains confident in the outlook for the remainder of the current year.
Fenner reveal strong third quarter trading with revenues up significantly at constant exchange rates.
The group says in the conveyor belting division, demand patterns from the coal sector have been robust with end users placing orders to secure forward supplies.
A continued recovery was evident in industrial markets which added volume to plant throughput.
It adds: "We have experienced a period of rising input costs in an environment of escalating raw material prices which has necessitated selling price adjustments.
"Margins have been maintained ahead of those of the prior year."
Fenner says that with trading results comfortably meeting its expectations, it remains confident in the outlook for the remainder of the current year.
goldfinger
- 15 Aug 2011 09:45
- 75 of 312
FENR got some strong broker backing, forward P/E of just under 12 to 2012, still very cheap....
Fenner PLC
FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
FinnCap
10-08-11 BUY 74.00 25.70 8.00 82.50 29.10 9.50
Westhouse Securities
10-08-11 BUY 72.50 25.50 8.00 84.00 29.50 8.80
Brewin Dolphin
08-08-11 BUY 72.60 24.67 7.60 82.00 27.94 8.10
The Royal Bank of Scotland NV
08-08-11 BUY 74.21 25.47 7.95 84.98 28.94 8.70
Arden Partners
05-08-11 BUY 72.50 25.50 7.95 84.00 29.40 8.70
Peel Hunt
04-08-11 BUY 71.98 24.59 8.20 85.46 29.31 9.50
Panmure Gordon
02-08-11 HOLD 72.30 24.60 7.88 87.30 29.70 9.06
Fairfax IS
18-07-11 BUY 70.00 24.30 7.90 79.00 27.20 8.70
Numis Securities Ltd
18-07-11 ADD 74.00 25.70 8.00 82.00 28.50 8.60
Broker Name Withheld 3
18-07-11 HOLD 71.50 25.20 8.00 77.50 26.70
Investec Securities
12-07-11 HOLD 71.05 24.44 8.00 78.52 27.00 8.40
Fyshe Horton Finney Ltd
13-06-11 BUY
2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 72.48 25.07 7.95 82.61 28.53 8.83
1 Month Change 2.50 0.59 0.01 1.81 0.36 0.05
3 Month Change 3.12 0.68 0.04 2.77 0.61 0.10
GROWTH
2010 (A) 2011 (E) 2012 (E)
Norm. EPS 8.97% 72.92% 13.78%
DPS 0.00% 20.48% 11.02%
INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)
EBITDA 74.90m 104.67m 117.20m
EBIT 49.10m 80.50m 88.60m
Dividend Yield 1.93% 2.33% 2.58%
Dividend Cover 2.20x 3.15x 3.23x
PER 23.55x 13.62x 11.97x
PEG 2.63f 0.19f 0.87f
Net Asset Value PS 43.78p 152.12p 170.95p
Hemscott Premium.
Fenner PLC
FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
FinnCap
10-08-11 BUY 74.00 25.70 8.00 82.50 29.10 9.50
Westhouse Securities
10-08-11 BUY 72.50 25.50 8.00 84.00 29.50 8.80
Brewin Dolphin
08-08-11 BUY 72.60 24.67 7.60 82.00 27.94 8.10
The Royal Bank of Scotland NV
08-08-11 BUY 74.21 25.47 7.95 84.98 28.94 8.70
Arden Partners
05-08-11 BUY 72.50 25.50 7.95 84.00 29.40 8.70
Peel Hunt
04-08-11 BUY 71.98 24.59 8.20 85.46 29.31 9.50
Panmure Gordon
02-08-11 HOLD 72.30 24.60 7.88 87.30 29.70 9.06
Fairfax IS
18-07-11 BUY 70.00 24.30 7.90 79.00 27.20 8.70
Numis Securities Ltd
18-07-11 ADD 74.00 25.70 8.00 82.00 28.50 8.60
Broker Name Withheld 3
18-07-11 HOLD 71.50 25.20 8.00 77.50 26.70
Investec Securities
12-07-11 HOLD 71.05 24.44 8.00 78.52 27.00 8.40
Fyshe Horton Finney Ltd
13-06-11 BUY
2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 72.48 25.07 7.95 82.61 28.53 8.83
1 Month Change 2.50 0.59 0.01 1.81 0.36 0.05
3 Month Change 3.12 0.68 0.04 2.77 0.61 0.10
GROWTH
2010 (A) 2011 (E) 2012 (E)
Norm. EPS 8.97% 72.92% 13.78%
DPS 0.00% 20.48% 11.02%
INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)
EBITDA 74.90m 104.67m 117.20m
EBIT 49.10m 80.50m 88.60m
Dividend Yield 1.93% 2.33% 2.58%
Dividend Cover 2.20x 3.15x 3.23x
PER 23.55x 13.62x 11.97x
PEG 2.63f 0.19f 0.87f
Net Asset Value PS 43.78p 152.12p 170.95p
Hemscott Premium.
HARRYCAT
- 09 Nov 2011 08:39
- 76 of 312
StockMarketWire.com
Pre-tax profits at reinforced polymer technology specialist Fenner jumped by 87% to 69.6m in the year to the end of August.
Revenues rose by 30% to 718.3m and operating profits were up 67% to 82.5m.
The group reported strong organic growth while three acquisitions during the year broadened market reach and increased exposure to aftermarkets.
Chairman Mark Abrahams said: "Our robust business strategy, with customer focused operations, has enabled strong organic growth across the group.
"This has been complemented by three acquisitions during the year and a further acquisition shortly after the year end.
"The new year has begun with our businesses performing well.
"While we note the uncertainty over the global economic outlook, trading in our core businesses remains in line with our expectations.
"Given the fundamental drivers of end user markets and our ability to respond to the external environment, the prospects for the group remain good."
Pre-tax profits at reinforced polymer technology specialist Fenner jumped by 87% to 69.6m in the year to the end of August.
Revenues rose by 30% to 718.3m and operating profits were up 67% to 82.5m.
The group reported strong organic growth while three acquisitions during the year broadened market reach and increased exposure to aftermarkets.
Chairman Mark Abrahams said: "Our robust business strategy, with customer focused operations, has enabled strong organic growth across the group.
"This has been complemented by three acquisitions during the year and a further acquisition shortly after the year end.
"The new year has begun with our businesses performing well.
"While we note the uncertainty over the global economic outlook, trading in our core businesses remains in line with our expectations.
"Given the fundamental drivers of end user markets and our ability to respond to the external environment, the prospects for the group remain good."
HARRYCAT
- 11 Jan 2012 08:42
- 77 of 312
StockMarketWire.com
Fenner's first quarter profitability is significantly higher than last time as the strong levels of demand seen at the end of the last financial year have continued.
The company says order rates are in line with expectations.
Fenner says most of the growth in the first quarter has been generated organically.
The effect of businesses acquired has complemented its growth profile and is helping to establish a broader, more resilient group.
At the beginning of the second quarter, Fenner acquired Allison Custom Fabrication Inc, based in Allison, Pennsylvania, which specialises in the design, engineering, machining and metal fabrication of customised material handling equipment.
This acquisition strengthens the Fenner Dunlop strategy of being the supplier of choice for engineered conveyor solutions in the Americas, enabling mining customers to enjoy integrated solutions for improving the safety and total cost of ownership of materials handling, in both underground and above ground applications.
Revenues in the engineered conveyor solutions division have been bolstered by strong demand from the mineral extractive industries.
Profits have benefitted from the continuing higher factory utilisation and efficiency seen in the second half of last year.
Revenues and profits in the advanced engineered products division have grown compared to last year, due to high demand and market share gains in oil and gas, medical and industrial OEM markets.
But Fenner says the growth rate was slowed by moderate distributor de-stocking.
Net borrowings, after acquisitions payments, seasonal outflows and investments to support growth, are in line with our expectations.
Fenner's first quarter profitability is significantly higher than last time as the strong levels of demand seen at the end of the last financial year have continued.
The company says order rates are in line with expectations.
Fenner says most of the growth in the first quarter has been generated organically.
The effect of businesses acquired has complemented its growth profile and is helping to establish a broader, more resilient group.
At the beginning of the second quarter, Fenner acquired Allison Custom Fabrication Inc, based in Allison, Pennsylvania, which specialises in the design, engineering, machining and metal fabrication of customised material handling equipment.
This acquisition strengthens the Fenner Dunlop strategy of being the supplier of choice for engineered conveyor solutions in the Americas, enabling mining customers to enjoy integrated solutions for improving the safety and total cost of ownership of materials handling, in both underground and above ground applications.
Revenues in the engineered conveyor solutions division have been bolstered by strong demand from the mineral extractive industries.
Profits have benefitted from the continuing higher factory utilisation and efficiency seen in the second half of last year.
Revenues and profits in the advanced engineered products division have grown compared to last year, due to high demand and market share gains in oil and gas, medical and industrial OEM markets.
But Fenner says the growth rate was slowed by moderate distributor de-stocking.
Net borrowings, after acquisitions payments, seasonal outflows and investments to support growth, are in line with our expectations.
HARRYCAT
- 08 Mar 2012 08:03
- 78 of 312
StockMarketWire.com
Fenner's second quarter trading continued to be strong, with operating profit for the first half significantly ahead of last year.
Fenner has experienced positive trading conditions, supported by steadily growing demand from the mineral extraction/energy sectors, and market share gains.
Operational efficiencies that were seen in the second half of last year have driven improved margins in both the engineered conveyor solutions and advanced engineered products divisions.
Fenner says that as the group enters the second half of its financial year, healthy order book levels support its expectation of continued positive trading.
Fenner's second quarter trading continued to be strong, with operating profit for the first half significantly ahead of last year.
Fenner has experienced positive trading conditions, supported by steadily growing demand from the mineral extraction/energy sectors, and market share gains.
Operational efficiencies that were seen in the second half of last year have driven improved margins in both the engineered conveyor solutions and advanced engineered products divisions.
Fenner says that as the group enters the second half of its financial year, healthy order book levels support its expectation of continued positive trading.
goldfinger
- 02 Apr 2012 08:45
- 79 of 312
Gone long on FENR Fenner. Jumped gun on lower indicators a little but its in good nick and trades on a forward P/E of just over 11 to 2013. Too cheap. Results 25th of April, hoping we get a good run up to them.
goldfinger
- 02 Apr 2012 13:57
- 80 of 312
Fenner FENR
Arden Brokers issued a BUY Note today.
Date Company Name Broker Rec. Price Old target price New target price Notes
02 Apr Fenner PLC Arden Partners Buy 438.05 - - Retains
Arden Brokers issued a BUY Note today.
Date Company Name Broker Rec. Price Old target price New target price Notes
02 Apr Fenner PLC Arden Partners Buy 438.05 - - Retains
goldfinger
- 02 Apr 2012 15:37
- 81 of 312
FENNER FENR
Brokers Supporting Fenner.
Forward P/E of just over 11 to 2013.
Historic P/E for 2011 going on for 18
Plenty of upside left here.
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Arden Partners
27-03-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
Peel Hunt
27-03-12 HOLD 102.00 35.00 8.80 112.00 38.50 9.70
N+1 Brewin
26-03-12 BUY 97.80 34.10 9.50 105.80 36.80 10.50
Panmure Gordon
23-03-12 BUY 99.70 34.30 9.44 115.00 39.80 11.30
FinnCap
09-03-12 BUY 101.10 35.00 10.50 114.80 39.90 12.50
Westhouse Securities
09-03-12 BUY 104.50 36.00 8.80 119.50 39.90 9.50
Broker Name Withheld 3
08-03-12 BUY 95.00 34.00 9.50 104.50 37.30 10.50
Fairfax IS
08-03-12 BUY 97.00 33.20 8.80 110.10 37.70 9.70
Numis Securities Ltd
08-03-12 BUY 99.50 35.00 9.00 110.50 38.50 9.75
Investec Securities
07-12-11 HOLD 86.55 29.60 8.40 95.05 32.55 9.00
Fyshe Horton Finney Ltd
13-06-11 BUY
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 99.06 34.36 9.22 110.84 38.29 10.33
1 Month Change 6.41 2.27 0.32 7.97 2.69 0.39
3 Month Change 11.92 4.23 0.46 13.93 4.81 0.60
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS 72.90% 37.07% 11.42%
DPS 9.09% 28.11% 11.96%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £108.90m £130.09m £141.51m
EBIT £81.60m £110.00m £118.75m
Dividend Yield 1.66% 2.13% 2.38%
Dividend Cover 3.48x 3.72x 3.71x
PER 17.29x 12.62x 11.32x
PEG 0.24f 0.34f 0.99f
Net Asset Value PS 37.48p p p
Digital Look premium..
Brokers Supporting Fenner.
Forward P/E of just over 11 to 2013.
Historic P/E for 2011 going on for 18
Plenty of upside left here.
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Arden Partners
27-03-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
Peel Hunt
27-03-12 HOLD 102.00 35.00 8.80 112.00 38.50 9.70
N+1 Brewin
26-03-12 BUY 97.80 34.10 9.50 105.80 36.80 10.50
Panmure Gordon
23-03-12 BUY 99.70 34.30 9.44 115.00 39.80 11.30
FinnCap
09-03-12 BUY 101.10 35.00 10.50 114.80 39.90 12.50
Westhouse Securities
09-03-12 BUY 104.50 36.00 8.80 119.50 39.90 9.50
Broker Name Withheld 3
08-03-12 BUY 95.00 34.00 9.50 104.50 37.30 10.50
Fairfax IS
08-03-12 BUY 97.00 33.20 8.80 110.10 37.70 9.70
Numis Securities Ltd
08-03-12 BUY 99.50 35.00 9.00 110.50 38.50 9.75
Investec Securities
07-12-11 HOLD 86.55 29.60 8.40 95.05 32.55 9.00
Fyshe Horton Finney Ltd
13-06-11 BUY
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 99.06 34.36 9.22 110.84 38.29 10.33
1 Month Change 6.41 2.27 0.32 7.97 2.69 0.39
3 Month Change 11.92 4.23 0.46 13.93 4.81 0.60
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS 72.90% 37.07% 11.42%
DPS 9.09% 28.11% 11.96%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £108.90m £130.09m £141.51m
EBIT £81.60m £110.00m £118.75m
Dividend Yield 1.66% 2.13% 2.38%
Dividend Cover 3.48x 3.72x 3.71x
PER 17.29x 12.62x 11.32x
PEG 0.24f 0.34f 0.99f
Net Asset Value PS 37.48p p p
Digital Look premium..
goldfinger
- 02 Apr 2012 16:03
- 82 of 312
A BUY-IF on the candles
http://www.britishbulls.com/StockPage.asp?CompanyTicker=FENR&MarketTicker=Industrials&Typ=S
http://www.britishbulls.com/StockPage.asp?CompanyTicker=FENR&MarketTicker=Industrials&Typ=S
goldfinger
- 03 Apr 2012 08:32
- 83 of 312
FENNER FENR
Latest broker deals and Director Buys........
Very bullish data.
Fenner Broker Views
Date Broker Recommendation Price Old target price New target price Notes
02 Apr Arden Partners Buy 443.70 - - Retains
28 Mar Merchant Securities Buy 443.70 - - Reiterates
23 Mar Merchant Securities Buy 443.70 - - Reiterates
21 Mar Merchant Securities Buy 443.70 - - Reiterates
16 Mar Credit Suisse Outperform 443.70 500.00 540.00 Reiterates
Fenner Director Deals
Date Director Type Volume / Price Trade Value
01 Feb 2012 Alan Wood Buy 5,528 @ 449.70p £24,859.42
24 Nov 2011 Richard Perry Buy 856 @ 356.46p £3,051.27
Latest broker deals and Director Buys........
Very bullish data.
Fenner Broker Views
Date Broker Recommendation Price Old target price New target price Notes
02 Apr Arden Partners Buy 443.70 - - Retains
28 Mar Merchant Securities Buy 443.70 - - Reiterates
23 Mar Merchant Securities Buy 443.70 - - Reiterates
21 Mar Merchant Securities Buy 443.70 - - Reiterates
16 Mar Credit Suisse Outperform 443.70 500.00 540.00 Reiterates
Fenner Director Deals
Date Director Type Volume / Price Trade Value
01 Feb 2012 Alan Wood Buy 5,528 @ 449.70p £24,859.42
24 Nov 2011 Richard Perry Buy 856 @ 356.46p £3,051.27
goldfinger
- 03 Apr 2012 08:48
- 84 of 312
FENNER FENR
Results 25th of April.
Hoping we get a good run up to them...
http://www.investegate.co.uk/Article.aspx?id=201203080700119212Y
Results 25th of April.
Hoping we get a good run up to them...
http://www.investegate.co.uk/Article.aspx?id=201203080700119212Y
goldfinger
- 03 Apr 2012 11:00
- 85 of 312
FENNER FENR
Results 25th of this month should
fingers crossed get a good run up
to them. Both fundies and TA very
positive.
Results 25th of this month should
fingers crossed get a good run up
to them. Both fundies and TA very
positive.
goldfinger
- 03 Apr 2012 15:30
- 86 of 312
Fenner FENR
Gone positive on the Candles.........
http://www.britishbulls.com/StockPage.asp?CompanyTicker=FENR&MarketTicker=Industrials&TYP=S
Gone positive on the Candles.........
http://www.britishbulls.com/StockPage.asp?CompanyTicker=FENR&MarketTicker=Industrials&TYP=S
goldfinger
- 04 Apr 2012 08:25
- 87 of 312
FENNER FENR
Broker note out late yesterday......
03 Apr Fenner PLC FENR Citigroup Buy 0.00 551.00 551.00 Retains
SP target 551p.
Broker note out late yesterday......
03 Apr Fenner PLC FENR Citigroup Buy 0.00 551.00 551.00 Retains
SP target 551p.
dandu71 - 04 Apr 2012 08:41 - 88 of 312
Thanks GF
pumben - 10 Apr 2012 08:38 - 89 of 312
what's gone wrong here, going he opposite way, a tree shake but appers to be dropping at a quikcer rate than others !
HARRYCAT
- 10 Apr 2012 08:48
- 90 of 312
Might be worth a buy when it hits the 200 DMA?
goldfinger
- 13 Apr 2012 07:53
- 91 of 312
REDMAYNE-BENTLEY STOCKBROKERS
In their 2 weekly tip sheet.....
just Rec'd.
Buy Recommendation Update.
FENNER (FENR)
Has had an excelent first quarter, making strong gains on the back of stronger than anticipated trading in both the conveyor belting and advanced engineering product divisions. Adjusted net borrowings were in line with concensus and operating profit was higher than in same period last year. The provider of reinforced polymer technology increased capacity for medical textiles and oil and gas products, as a result of ongoing capital investments. The company added that it anticipates full year results to August 2012 will be ahead of market expectations. Analysts at Finncap have reiterated their 'strong buy' recommendation, alongside Credit Suise who have raised their target price to 500p.
Recommended a Buy by Craig Melling on 20th October 2011 at 330p.
In their 2 weekly tip sheet.....
just Rec'd.
Buy Recommendation Update.
FENNER (FENR)
Has had an excelent first quarter, making strong gains on the back of stronger than anticipated trading in both the conveyor belting and advanced engineering product divisions. Adjusted net borrowings were in line with concensus and operating profit was higher than in same period last year. The provider of reinforced polymer technology increased capacity for medical textiles and oil and gas products, as a result of ongoing capital investments. The company added that it anticipates full year results to August 2012 will be ahead of market expectations. Analysts at Finncap have reiterated their 'strong buy' recommendation, alongside Credit Suise who have raised their target price to 500p.
Recommended a Buy by Craig Melling on 20th October 2011 at 330p.
goldfinger
- 13 Apr 2012 08:19
- 92 of 312
FENR FENNER
Brokers lining up with Buys for Fenner.
Very cheap going forward on just over 11.5
P/E to 2013 derd cheap.
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Panmure Gordon
12-04-12 BUY 99.70 34.30 9.44 115.00 39.80 11.30
Peel Hunt
11-04-12 HOLD 102.03 34.95 8.80 111.96 38.47 9.70
N+1 Brewin
10-04-12 BUY 97.80 34.10 9.50 105.80 36.80 10.50
Arden Partners
09-04-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
FinnCap
09-03-12 BUY 101.10 35.00 10.50 114.80 39.90 12.50
Westhouse Securities
09-03-12 BUY 104.50 36.00 8.80 119.50 39.90 9.50
Numis Securities Ltd
08-03-12 BUY 99.50 35.00 9.00 110.50 38.50 9.75
Broker Name Withheld 3
08-03-12 BUY 95.00 34.00 9.50 104.50 37.30 10.50
Fairfax IS
08-03-12 BUY 97.00 33.20 8.80 110.10 37.70 9.70
Investec Securities
07-12-11 HOLD 86.55 29.60 8.40 95.05 32.55 9.00
Fyshe Horton Finney Ltd
13-06-11 BUY
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 99.17 34.39 9.23 110.94 38.32 10.34
1 Month Change 1.34 0.43 0.02 1.40 0.47 0.04
3 Month Change 8.09 2.84 0.33 10.12 3.47 0.47
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS 72.90% 37.18% 11.44%
DPS 9.09% 28.15% 12.01%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £108.90m £131.92m £143.47m
EBIT £81.60m £110.00m £118.75m
Dividend Yield 1.62% 2.08% 2.33%
Dividend Cover 3.48x 3.73x 3.71x
PER 17.71x 12.91x 11.58x
PEG 0.24f 0.35f 1.01f
Net Asset Value PS 37.48p p p
Brokers lining up with Buys for Fenner.
Very cheap going forward on just over 11.5
P/E to 2013 derd cheap.
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Panmure Gordon
12-04-12 BUY 99.70 34.30 9.44 115.00 39.80 11.30
Peel Hunt
11-04-12 HOLD 102.03 34.95 8.80 111.96 38.47 9.70
N+1 Brewin
10-04-12 BUY 97.80 34.10 9.50 105.80 36.80 10.50
Arden Partners
09-04-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
FinnCap
09-03-12 BUY 101.10 35.00 10.50 114.80 39.90 12.50
Westhouse Securities
09-03-12 BUY 104.50 36.00 8.80 119.50 39.90 9.50
Numis Securities Ltd
08-03-12 BUY 99.50 35.00 9.00 110.50 38.50 9.75
Broker Name Withheld 3
08-03-12 BUY 95.00 34.00 9.50 104.50 37.30 10.50
Fairfax IS
08-03-12 BUY 97.00 33.20 8.80 110.10 37.70 9.70
Investec Securities
07-12-11 HOLD 86.55 29.60 8.40 95.05 32.55 9.00
Fyshe Horton Finney Ltd
13-06-11 BUY
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 99.17 34.39 9.23 110.94 38.32 10.34
1 Month Change 1.34 0.43 0.02 1.40 0.47 0.04
3 Month Change 8.09 2.84 0.33 10.12 3.47 0.47
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS 72.90% 37.18% 11.44%
DPS 9.09% 28.15% 12.01%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £108.90m £131.92m £143.47m
EBIT £81.60m £110.00m £118.75m
Dividend Yield 1.62% 2.08% 2.33%
Dividend Cover 3.48x 3.73x 3.71x
PER 17.71x 12.91x 11.58x
PEG 0.24f 0.35f 1.01f
Net Asset Value PS 37.48p p p
goldfinger
- 17 Apr 2012 15:19
- 93 of 312
FENR Fenner.
All these brokers cant be wrong..
from IG Index foresight page......
the last months broker upgrades.
BRIEF RESEARCH ALERT – Westhouse raises Fenner price target to 550PFenner PLC FENR.L : Westhouse raises Fenner FENR.L price target to 550P from 500P; rating buy For a summary of rating and price target changes on U.S....last month
BRIEFRESEARCH ALERT – Citigroup raises Fenner price targetFenner PLC FENR.L : Citigroup raises Fenner Plc FENR.L price target to 551P from 517P; rating buy For a summary of rating actions and price target cha...last month
BRIEF RESEARCH ALERT – Finncap raises Fenner price targetFenner PLC FENR.L : Finncap raises Fenner Plc FENR.L price target to 585P; rating buy For a summary of rating actions and price target changes on Euro...last month
BRIEF RESEARCH ALERT – Collins Stewart raises Fenner target priceFenner PLC FENR.L : Collins Stewart raises Fenner FENR.L target price by 15 percent to 542P For a summary of rating actions and price target changes o...last month
All these brokers cant be wrong..
from IG Index foresight page......
the last months broker upgrades.
BRIEF RESEARCH ALERT – Westhouse raises Fenner price target to 550PFenner PLC FENR.L : Westhouse raises Fenner FENR.L price target to 550P from 500P; rating buy For a summary of rating and price target changes on U.S....last month
BRIEFRESEARCH ALERT – Citigroup raises Fenner price targetFenner PLC FENR.L : Citigroup raises Fenner Plc FENR.L price target to 551P from 517P; rating buy For a summary of rating actions and price target cha...last month
BRIEF RESEARCH ALERT – Finncap raises Fenner price targetFenner PLC FENR.L : Finncap raises Fenner Plc FENR.L price target to 585P; rating buy For a summary of rating actions and price target changes on Euro...last month
BRIEF RESEARCH ALERT – Collins Stewart raises Fenner target priceFenner PLC FENR.L : Collins Stewart raises Fenner FENR.L target price by 15 percent to 542P For a summary of rating actions and price target changes o...last month
goldfinger
- 19 Apr 2012 08:24
- 94 of 312
FENR FENNER
Lovely flag pattern formed on the chart.
Lovely flag pattern formed on the chart.
maggiebt4
- 19 Apr 2012 08:46
- 95 of 312
Have everything crossed you're right!
goldfinger
- 19 Apr 2012 09:03
- 96 of 312
Well its going well so far Maggie.
goldfinger
- 19 Apr 2012 09:03
- 97 of 312
2 new broker notes out late yesterday.
Wonder if thats what jawa was refering to.....
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Panmure Gordon
18-04-12 BUY 99.70 34.30 9.44 115.00 39.80 11.30
Arden Partners
18-04-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
Wonder if thats what jawa was refering to.....
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Panmure Gordon
18-04-12 BUY 99.70 34.30 9.44 115.00 39.80 11.30
Arden Partners
18-04-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
maggiebt4
- 19 Apr 2012 09:27
- 98 of 312
Bit of a gap at opening. Hope we don't have to fill it till after I get out.
goldfinger
- 20 Apr 2012 11:28
- 99 of 312
FENR FENNER
Just tipped I see on Investors Inteligence
this morning...
Fenner - is on the cusp of reasserting the major uptrend after finding support at 400p. (The first clue for its turnaround was the countermanding upmove.) A short-term buy may be opened here. Target 500p.
Just tipped I see on Investors Inteligence
this morning...
Fenner - is on the cusp of reasserting the major uptrend after finding support at 400p. (The first clue for its turnaround was the countermanding upmove.) A short-term buy may be opened here. Target 500p.
goldfinger
- 20 Apr 2012 16:24
- 100 of 312
BUY Tip in Shares Mag (from across road copied)
Fenner offers belting growth prospects.
Buy Fenner ahead of next weeks (25 April)interims which should underline the £821m cap's continuing strong growth prospects.
The numbers should prompt a reversal in the derating which has resulted in Fenners 13% fall from last months 483.7p all time high.
On a p/e multiple of 12.2 the conveyor belt and industrial seals builder is cheap versus the high-teens p/e's of its peers.
The Yorkshire based company noted in its pre-close update (8 Mar)that first half operating profit was "significantly ahead" of 2011.It also reported the order book remained healthy
Fenner offers belting growth prospects.
Buy Fenner ahead of next weeks (25 April)interims which should underline the £821m cap's continuing strong growth prospects.
The numbers should prompt a reversal in the derating which has resulted in Fenners 13% fall from last months 483.7p all time high.
On a p/e multiple of 12.2 the conveyor belt and industrial seals builder is cheap versus the high-teens p/e's of its peers.
The Yorkshire based company noted in its pre-close update (8 Mar)that first half operating profit was "significantly ahead" of 2011.It also reported the order book remained healthy
skinny
- 20 Apr 2012 16:27
- 101 of 312
HL also tipped it (yesterday I think).
goldfinger
- 20 Apr 2012 16:35
- 102 of 312
HL ?????????
skinny
- 20 Apr 2012 16:41
- 103 of 312
Hargreaves Lansdown - but thinking about it, I think they were referring to the Shares Mag tip.
goldfinger
- 20 Apr 2012 16:48
- 104 of 312
Ahhhh no probs skinny. Have a good weekend.
goldfinger
- 24 Apr 2012 10:36
- 105 of 312
Excelent Analyst article produced after
the above trading statement.....
Fenner Upbeat on 2012 Outlook; Investec Recommends Outperform Rating
By Naresh Kumar | Mar 09, 2012 09:51 AM EDT
Fenner, a world leader in the field of reinforced polymer and textile technology, says in spite of the growing uncertainty over the macro economic outlook, trading and demand levels are in line with the group's expectations for 2012.
Fenner has a highly motivated team of people in place, strong positions in attractive markets, well invested infrastructure, strong fundamental drivers of end user markets, ability to respond to the external environment puts the group in strong position.
The group released its pre-close trading statement for the six months ended 29 February 2012 on March 8, 2012. The group reported strong trading in the Q2 of 2012 with operating profit for H1, significantly ahead of the comparable period last year. It experienced good trading conditions, sustained by gradually growing demand from the mineral extraction/energy sectors, and market share gains.
Fenner is confident of further growth in the second half of the year, given a healthy order book. Trading in the second quarter of the financial year has continued to be strong, with operating profit for the first half significantly ahead of the comparable period last year.
Global demand for energy and in particular for electricity, is only marginally affected by general economic weakness and with growth in the emerging economies, these will remain heavily dependent on coal for the foreseeable future. However, according to Fenner, recovery in the global economy and the Western economies in particular, will be both inconsistent and slow but the underlying drivers which are most significant for the group remains strong.
While commenting on the trading update, Jon Lienard, analyst from N+1 Brewin said: "Keeping a 'Conviction Buy' rating on the company's stock, Fenner has an enviable element of sales whose end markets we consider to be resilient or growing, i.e. thermal coal production, shale gas & oil and medical."
"Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next. We think the stock has further to run over the next 12 months," said Chris Dyett from Investec Securities. He also assigned a 'Buy' rating on the stock.
For the full year ended August 2011, Fenner reported a 30 per cent rise in its revenues to £718.3 million, compared to £552.5 million for 2010. Underlying operating profit increased by 60 per cent to £91.4 million with earnings per share at 28.1 pence.
Brokers' Views:
- Investec Bank recommends 'Outperform' rating on the stock with a target price of 500 pence per share
- Numis Securities assigns 'Buy' rating with a target price of 560 pence per share
- Peel Hunt gives 'Hold' rating - Arden Partner assigns 'Buy' rating
- Jefferies & Co assigns 'Buy' rating with a target price of 505 pence per share.
Earnings Outlook:
- Investec Bank estimates the company to report revenues of £839.20 million and £893.60 million for the FY 2012 and FY 2013 respectively with pre-tax profits (pre-except) of £104.40 million and £115.60 million. Earnings per share are projected at 35.80 pence for FY 2012 and 39.80 pence for FY 2013.
- Numis Securities projects the company to record revenues of £810.30 million for the FY 2012 and £859.00 million for the FY 2013 with pre-tax profits (pre-except) of £99.50 million and £110.50 million. Profit per share is estimated at 35.00 pence and 38.50 pence for the same periods.
- Peel Hunt expects Fenner to earn revenues of £794.80 million for the FY 2012 and £828.90 million for the FY 2013 respectively with pre-tax profits of £95 million and £105 million. EPS is projected at 33 pence for FY 2012 and 36.40 pence for FY 2013.
Below is a summary of sector comparisons in terms of price earnings, earnings per share, dividend per share, dividend yields, return on equity and price-to-book ratio. The table explains how the company is performing against its peers/competitors in the sector. The table below represents top seven companies based on market capitalisation.
For comparison table see links below......
http://www.ibtimes.co.uk/articles/311755/20120309/fenner-group-earnings-outlook-investec-bank-numis.htm
the above trading statement.....
Fenner Upbeat on 2012 Outlook; Investec Recommends Outperform Rating
By Naresh Kumar | Mar 09, 2012 09:51 AM EDT
Fenner, a world leader in the field of reinforced polymer and textile technology, says in spite of the growing uncertainty over the macro economic outlook, trading and demand levels are in line with the group's expectations for 2012.
Fenner has a highly motivated team of people in place, strong positions in attractive markets, well invested infrastructure, strong fundamental drivers of end user markets, ability to respond to the external environment puts the group in strong position.
The group released its pre-close trading statement for the six months ended 29 February 2012 on March 8, 2012. The group reported strong trading in the Q2 of 2012 with operating profit for H1, significantly ahead of the comparable period last year. It experienced good trading conditions, sustained by gradually growing demand from the mineral extraction/energy sectors, and market share gains.
Fenner is confident of further growth in the second half of the year, given a healthy order book. Trading in the second quarter of the financial year has continued to be strong, with operating profit for the first half significantly ahead of the comparable period last year.
Global demand for energy and in particular for electricity, is only marginally affected by general economic weakness and with growth in the emerging economies, these will remain heavily dependent on coal for the foreseeable future. However, according to Fenner, recovery in the global economy and the Western economies in particular, will be both inconsistent and slow but the underlying drivers which are most significant for the group remains strong.
While commenting on the trading update, Jon Lienard, analyst from N+1 Brewin said: "Keeping a 'Conviction Buy' rating on the company's stock, Fenner has an enviable element of sales whose end markets we consider to be resilient or growing, i.e. thermal coal production, shale gas & oil and medical."
"Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next. We think the stock has further to run over the next 12 months," said Chris Dyett from Investec Securities. He also assigned a 'Buy' rating on the stock.
For the full year ended August 2011, Fenner reported a 30 per cent rise in its revenues to £718.3 million, compared to £552.5 million for 2010. Underlying operating profit increased by 60 per cent to £91.4 million with earnings per share at 28.1 pence.
Brokers' Views:
- Investec Bank recommends 'Outperform' rating on the stock with a target price of 500 pence per share
- Numis Securities assigns 'Buy' rating with a target price of 560 pence per share
- Peel Hunt gives 'Hold' rating - Arden Partner assigns 'Buy' rating
- Jefferies & Co assigns 'Buy' rating with a target price of 505 pence per share.
Earnings Outlook:
- Investec Bank estimates the company to report revenues of £839.20 million and £893.60 million for the FY 2012 and FY 2013 respectively with pre-tax profits (pre-except) of £104.40 million and £115.60 million. Earnings per share are projected at 35.80 pence for FY 2012 and 39.80 pence for FY 2013.
- Numis Securities projects the company to record revenues of £810.30 million for the FY 2012 and £859.00 million for the FY 2013 with pre-tax profits (pre-except) of £99.50 million and £110.50 million. Profit per share is estimated at 35.00 pence and 38.50 pence for the same periods.
- Peel Hunt expects Fenner to earn revenues of £794.80 million for the FY 2012 and £828.90 million for the FY 2013 respectively with pre-tax profits of £95 million and £105 million. EPS is projected at 33 pence for FY 2012 and 36.40 pence for FY 2013.
Below is a summary of sector comparisons in terms of price earnings, earnings per share, dividend per share, dividend yields, return on equity and price-to-book ratio. The table explains how the company is performing against its peers/competitors in the sector. The table below represents top seven companies based on market capitalisation.
For comparison table see links below......
http://www.ibtimes.co.uk/articles/311755/20120309/fenner-group-earnings-outlook-investec-bank-numis.htm
goldfinger
- 24 Apr 2012 10:49
- 106 of 312
Im also expecting after tomorrows
results takeover talk to become rife
again.
I look upon this company as valued far
too cheaply by the market on a whole host
of financial ratios.
I do feel those that have previously sniffed
will turn up the heat and become more pro
active.
We had a media frenzy in february and Im sure
this will return..
http://www.telegraph.co.uk/finance/markets/marketreport/9101903/Fenner-on-belting-form-amid-takeover-hopes.html
results takeover talk to become rife
again.
I look upon this company as valued far
too cheaply by the market on a whole host
of financial ratios.
I do feel those that have previously sniffed
will turn up the heat and become more pro
active.
We had a media frenzy in february and Im sure
this will return..
http://www.telegraph.co.uk/finance/markets/marketreport/9101903/Fenner-on-belting-form-amid-takeover-hopes.html
goldfinger
- 24 Apr 2012 13:58
- 107 of 312
FENE FENNER
Further analyst comment related to
last trading update ahead of results
tomorrow FROM....
Fenner plc (FENR)Analyst Comment by Christopher Dyett at Investec Securities
"Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next. We think the stock has further to run over the next 12 months," said Chris Dyett from Investec Securities. Global demand for energy and in particular for electricity, is only marginally affected by general economic weakness and with growth in the emerging economies, these will remain heavily dependent on coal for the foreseeable future. However, according to Fenner, recovery in the global economy and the Western economies in particular, will be both inconsistent and slow but the underlying drivers which are most significant for the group remains strong. While commenting on the trading update, Jon Lienard, analyst from N+1 Brewin said: "Keeping a 'Conviction Buy' rating on the company's stock, Fenner has an enviable element of sales whose end markets we consider to be resilient or growing, i.e thermal coal production, shale gas & oil and medical." . "Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next. We think the stock has further to run over the next 12 months," said Chris Dyett from Investec Securities.
Further analyst comment related to
last trading update ahead of results
tomorrow FROM....
Fenner plc (FENR)Analyst Comment by Christopher Dyett at Investec Securities
"Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next. We think the stock has further to run over the next 12 months," said Chris Dyett from Investec Securities. Global demand for energy and in particular for electricity, is only marginally affected by general economic weakness and with growth in the emerging economies, these will remain heavily dependent on coal for the foreseeable future. However, according to Fenner, recovery in the global economy and the Western economies in particular, will be both inconsistent and slow but the underlying drivers which are most significant for the group remains strong. While commenting on the trading update, Jon Lienard, analyst from N+1 Brewin said: "Keeping a 'Conviction Buy' rating on the company's stock, Fenner has an enviable element of sales whose end markets we consider to be resilient or growing, i.e thermal coal production, shale gas & oil and medical." . "Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next. We think the stock has further to run over the next 12 months," said Chris Dyett from Investec Securities.
goldfinger
- 24 Apr 2012 15:47
- 108 of 312
FENR FENNER
Jon Lienard, ">
analyst from N+1 Brewin said: "Keeping a 'Conviction Buy' rating on the company's stock, Fenner has an enviable element of sales whose end markets we consider to be resilient or growing, i.e thermal coal production, shale gas & oil and medical." . "Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next.
Jon Lienard, ">
analyst from N+1 Brewin said: "Keeping a 'Conviction Buy' rating on the company's stock, Fenner has an enviable element of sales whose end markets we consider to be resilient or growing, i.e thermal coal production, shale gas & oil and medical." . "Having spoken to management, and based on our analysis, we see incremental revenue and margin accretion this year and next.
goldfinger
- 24 Apr 2012 15:55
- 109 of 312
FENNER FENR
Arden partners issued a Buy note
to its clients late yesterday...
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Arden Partners
23-04-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
Arden partners issued a Buy note
to its clients late yesterday...
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Arden Partners
23-04-12 BUY 100.00 34.64 9.00 112.00 38.61 10.00
goldfinger
- 25 Apr 2012 07:35
- 110 of 312
Excelent ball bursting results.....
couldnt have asked for more than this....
Financial Highlights
Half year ended
29 February
2012
28 February 2011
Revenue
£412.0m
£332.5m
+ 24%
Underlying operating profit 1
£55.7m
£36.7m
+ 52%
Operating profit
£50.2m
£32.4m
+ 55%
Underlying profit before taxation 2
£48.1m
£31.4m
+ 53%
Profit before taxation
£41.7m
£26.6m
+ 57%
Underlying earnings per share 2 3
17.1p
10.9p
+ 57%
Basic earnings per share
14.8p
9.2p
+ 61%
Dividend per share
3.50p
2.65p
+ 32%
Return on sales 4
13.5%
11.0%
+ 2.5pts
Return on gross capital employed 5
22.8%
16.4%
+ 6.4pts
1 Underlying operating profit is before amortisation of intangible assets acquired.
2 Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired and notional interest on defined benefit post-retirement schemes and the unwinding of discount on provisions.
3 Underlying earnings per share is based on the basic weighted average number of shares in issue.
4 Return on sales is underlying operating profit divided by revenue.
5 Return on gross capital employed is underlying operating profit divided by gross capital employed. Underlying operating profit is calculated on a rolling 12 month basis. Gross capital employed is the average of the opening and closing non-current assets (excluding deferred tax), inventories, trade and other receivables and trade and other payables over the 12 month period.
couldnt have asked for more than this....
Financial Highlights
Half year ended
29 February
2012
28 February 2011
Revenue
£412.0m
£332.5m
+ 24%
Underlying operating profit 1
£55.7m
£36.7m
+ 52%
Operating profit
£50.2m
£32.4m
+ 55%
Underlying profit before taxation 2
£48.1m
£31.4m
+ 53%
Profit before taxation
£41.7m
£26.6m
+ 57%
Underlying earnings per share 2 3
17.1p
10.9p
+ 57%
Basic earnings per share
14.8p
9.2p
+ 61%
Dividend per share
3.50p
2.65p
+ 32%
Return on sales 4
13.5%
11.0%
+ 2.5pts
Return on gross capital employed 5
22.8%
16.4%
+ 6.4pts
1 Underlying operating profit is before amortisation of intangible assets acquired.
2 Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired and notional interest on defined benefit post-retirement schemes and the unwinding of discount on provisions.
3 Underlying earnings per share is based on the basic weighted average number of shares in issue.
4 Return on sales is underlying operating profit divided by revenue.
5 Return on gross capital employed is underlying operating profit divided by gross capital employed. Underlying operating profit is calculated on a rolling 12 month basis. Gross capital employed is the average of the opening and closing non-current assets (excluding deferred tax), inventories, trade and other receivables and trade and other payables over the 12 month period.
goldfinger
- 25 Apr 2012 07:38
- 111 of 312
Record breaking gains in every financial area....
25 April 2012
Fenner PLC
2012 Half Year Results
Fenner PLC, a world leader in reinforced polymer technology, today announces its results for the half year ended 29 February 2012.
Highlights
· Revenue increased by 24% to £412.0m; organic revenue growth was 18%
· Underlying operating profit1 increased by 52% to £55.7m
· Underlying profit before taxation2 increased by 53% to £48.1m; profit before taxation increased by 57% to £41.7m
· Underlying earnings per share2 increased by 57% to 17.1p
· Interim dividend increased by 32% to 3.50p per share, reflecting the Board's confidence in the enhanced quality of the Group's earnings
· Continued underlying margin growth, up 250bps to 13.5%
· Strong trading by both Engineered Conveyor Solutions ("ECS") and Advanced Engineered Products ("AEP")
- ECS underlying operating profit1 increased by 62% to £39.8m on revenues up 25% to £295.0m
- AEP underlying operating profit1 increased by 23% to £20.5m on revenues up 20% to £117.0m
· Growth drivers in core markets remain positive
· Group confident of continued progress in the second half
1 Underlying operating profit is before amortisation of intangible assets acquired
2 Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired and notional interest on defined benefit post-retirement schemes and the unwinding of discount on provisions
Mark Abrahams, Chairman, commented:
"Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors.
"The fundamentals on which our strategy is based remain strong and the quality of our earnings continues to improve. Notwithstanding the influence of the current macro-economic environment on some of our markets, our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half of the year."
-ends-
25 April 2012
Fenner PLC
2012 Half Year Results
Fenner PLC, a world leader in reinforced polymer technology, today announces its results for the half year ended 29 February 2012.
Highlights
· Revenue increased by 24% to £412.0m; organic revenue growth was 18%
· Underlying operating profit1 increased by 52% to £55.7m
· Underlying profit before taxation2 increased by 53% to £48.1m; profit before taxation increased by 57% to £41.7m
· Underlying earnings per share2 increased by 57% to 17.1p
· Interim dividend increased by 32% to 3.50p per share, reflecting the Board's confidence in the enhanced quality of the Group's earnings
· Continued underlying margin growth, up 250bps to 13.5%
· Strong trading by both Engineered Conveyor Solutions ("ECS") and Advanced Engineered Products ("AEP")
- ECS underlying operating profit1 increased by 62% to £39.8m on revenues up 25% to £295.0m
- AEP underlying operating profit1 increased by 23% to £20.5m on revenues up 20% to £117.0m
· Growth drivers in core markets remain positive
· Group confident of continued progress in the second half
1 Underlying operating profit is before amortisation of intangible assets acquired
2 Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired and notional interest on defined benefit post-retirement schemes and the unwinding of discount on provisions
Mark Abrahams, Chairman, commented:
"Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors.
"The fundamentals on which our strategy is based remain strong and the quality of our earnings continues to improve. Notwithstanding the influence of the current macro-economic environment on some of our markets, our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half of the year."
-ends-
goldfinger
- 25 Apr 2012 07:41
- 112 of 312
Forward Outlook
Since 29 February 2012, the Group's businesses have traded in accordance with our expectations.
The fundamentals on which our strategy is based remain strong and the quality of our earnings continues to improve. Notwithstanding the influence of the current macro-economic environment on some of our markets, our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half of the year.
Since 29 February 2012, the Group's businesses have traded in accordance with our expectations.
The fundamentals on which our strategy is based remain strong and the quality of our earnings continues to improve. Notwithstanding the influence of the current macro-economic environment on some of our markets, our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half of the year.
goldfinger
- 25 Apr 2012 07:46
- 113 of 312
Most importantly......
- ECS underlying operating profit1 increased by 62% to £39.8m on revenues up 25% to £295.0m
- AEP underlying operating profit1 increased by 23% to £20.5m on revenues up 20% to £117.0m
- ECS underlying operating profit1 increased by 62% to £39.8m on revenues up 25% to £295.0m
- AEP underlying operating profit1 increased by 23% to £20.5m on revenues up 20% to £117.0m
goldfinger
- 25 Apr 2012 07:50
- 114 of 312
BRIEF-Fenner first-half profit rises, confident on H2
25 Apr 2012 - 07:09
LONDON, April 25 (Reuters) - Fenner PLC :
* Revenue increased by 24% to £412.0M; organic revenue growth was 18%
* Underlying profit before taxation increased by 53% to £48.1M;
* Interim dividend increased by 32% to 3.50P per share
* Confident of continued progress in the second half
((London Equities Newsroom; +44 20 7542 7717))
((For more news, please click here [FENR.L]))
25 Apr 2012 - 07:09
LONDON, April 25 (Reuters) - Fenner PLC :
* Revenue increased by 24% to £412.0M; organic revenue growth was 18%
* Underlying profit before taxation increased by 53% to £48.1M;
* Interim dividend increased by 32% to 3.50P per share
* Confident of continued progress in the second half
((London Equities Newsroom; +44 20 7542 7717))
((For more news, please click here [FENR.L]))
goldfinger
- 25 Apr 2012 08:09
- 115 of 312
UPDATE 1-Fenner boosted by energy and mining demand
25 Apr 2012 - 07:27
* H1 sales up 24 pct to 412 mln stg
* Underlying pretax profit up 53 pct to 48.1 mln stg
* Confident of continued progress in the second half
* Raises interim dividend by 32 pct to 3.50 pence/shr
(Adds detail)
LONDON, April 25 (Reuters) - British industrial conveyor belt maker Fenner reported a higher first-half profit on strong demand from its energy and mining customers, and said it was confident of continued progress through the year.
"Trading was very strong in the first half as growth drivers in our core businesses remained positive," Chairman Mark Abrahams said in a statement on Wednesday.
"Our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half," he added.
For the six months ended Feb 29, underlying pretax profit jumped 53 percent to 48.1 million pounds ($77.7 million). Sales at Fenner, whose belts are predominantly used in the mining industry, were 24 percent higher at 412 million pounds.
The company had said last month it expected a "significant" rise in first-half profits. [ID:nL5E8E812H]
The strong results prompted Fenner to increase interim dividend by 32 percent to 3.50 pence per share.
Shares in the company closed at 446.4 pence on Tuesday.
($1 = 0.6192 British pounds)
(Reporting by Adveith Nair; editing by Rhys Jones)
25 Apr 2012 - 07:27
* H1 sales up 24 pct to 412 mln stg
* Underlying pretax profit up 53 pct to 48.1 mln stg
* Confident of continued progress in the second half
* Raises interim dividend by 32 pct to 3.50 pence/shr
(Adds detail)
LONDON, April 25 (Reuters) - British industrial conveyor belt maker Fenner reported a higher first-half profit on strong demand from its energy and mining customers, and said it was confident of continued progress through the year.
"Trading was very strong in the first half as growth drivers in our core businesses remained positive," Chairman Mark Abrahams said in a statement on Wednesday.
"Our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half," he added.
For the six months ended Feb 29, underlying pretax profit jumped 53 percent to 48.1 million pounds ($77.7 million). Sales at Fenner, whose belts are predominantly used in the mining industry, were 24 percent higher at 412 million pounds.
The company had said last month it expected a "significant" rise in first-half profits. [ID:nL5E8E812H]
The strong results prompted Fenner to increase interim dividend by 32 percent to 3.50 pence per share.
Shares in the company closed at 446.4 pence on Tuesday.
($1 = 0.6192 British pounds)
(Reporting by Adveith Nair; editing by Rhys Jones)
goldfinger
- 25 Apr 2012 09:00
- 116 of 312
goldfinger
- 25 Apr 2012 09:52
- 117 of 312
Fenner FENR
UPGRADE just out......
BRIEF-RESEARCH ALERT-Peel Hunt raises Fenner to buy
25 Apr 2012 - 08:37
April 25 (Reuters) - Fenner PLC :
* Peel Hunt raises Fenner to buy from hold
* Peel Hunt raises Fenner price target to 540P from 490P
For a summary of rating actions and price target changes on European companies:
Reuters Eikon users, click on [RCH/EUROPE]
Reuters 3000Xtra users, double-click [RCH/EUROPE]
Reuters Station users, click .1580 ((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))
UPGRADE just out......
BRIEF-RESEARCH ALERT-Peel Hunt raises Fenner to buy
25 Apr 2012 - 08:37
April 25 (Reuters) - Fenner PLC :
* Peel Hunt raises Fenner to buy from hold
* Peel Hunt raises Fenner price target to 540P from 490P
For a summary of rating actions and price target changes on European companies:
Reuters Eikon users, click on [RCH/EUROPE]
Reuters 3000Xtra users, double-click [RCH/EUROPE]
Reuters Station users, click .1580 ((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))
skinny
- 25 Apr 2012 10:15
- 118 of 312
Canaccord Genuity reiterates it's buy TP raised to 562p from 542p
Numis reiterates it's buy TP 560p.
Numis reiterates it's buy TP 560p.
goldfinger
- 25 Apr 2012 10:26
- 119 of 312
FENR Fenner
So to sum up a whole raft of Broker
support now come in after results
announcement....
A full list of them (brokers) now issuing notes........
25 Apr Fenner PLC FENR Canaccord Genuity Buy 449.10 542.00 562.00 Reiterates
25 Apr Fenner PLC FENR Numis Buy 449.10 560.00 560.00 Reiterates
25 Apr Fenner PLC FENR Jefferies International Buy 449.10 565.00 565.00 Reiterates
25 Apr Fenner PLC FENR Westhouse Securities Buy 449.10 550.00 550.00 Retains
25 Apr Fenner PLC FENR Investec Buy 449.10 500.00 500.00 Retains
So to sum up a whole raft of Broker
support now come in after results
announcement....
A full list of them (brokers) now issuing notes........
25 Apr Fenner PLC FENR Canaccord Genuity Buy 449.10 542.00 562.00 Reiterates
25 Apr Fenner PLC FENR Numis Buy 449.10 560.00 560.00 Reiterates
25 Apr Fenner PLC FENR Jefferies International Buy 449.10 565.00 565.00 Reiterates
25 Apr Fenner PLC FENR Westhouse Securities Buy 449.10 550.00 550.00 Retains
25 Apr Fenner PLC FENR Investec Buy 449.10 500.00 500.00 Retains
goldfinger
- 25 Apr 2012 16:26
- 120 of 312
FENR FENNER
Analyst comment...
Fenner plc (FENR)08:52 ET Apr 25, 2012
Chief Pulse Comment by Mark S Abrahams
"Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams. "The fundamentals on which our strategy is based remain strong and the quality of our earnings continues to improve. more
The group has decided to increase its interim dividend by 32 percent to 3.5 pence per share on the back of the strong financial performance. "Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams. "The fundamentals on which our strategy is based remain strong and the quality of our earnings continues to improve. "Notwithstanding the influence of the current macro economic environment on some of our markets, our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half of the year."
Analyst comment...
Fenner plc (FENR)08:52 ET Apr 25, 2012
Chief Pulse Comment by Mark S Abrahams
"Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams. "The fundamentals on which our strategy is based remain strong and the quality of our earnings continues to improve. more
The group has decided to increase its interim dividend by 32 percent to 3.5 pence per share on the back of the strong financial performance. "Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams. "The fundamentals on which our strategy is based remain strong and the quality of our earnings continues to improve. "Notwithstanding the influence of the current macro economic environment on some of our markets, our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half of the year."
goldfinger
- 25 Apr 2012 16:28
- 121 of 312
FENNER FENR
A Belting Growth Opportunity
By
Roland HeadEmail .Published in Investing on 25 April 2012
Mining demand drives a 55% increase in profits for this UK manufacturer.
On the day that the UK officially slips back into recession, it is reassuring to know that we still have some quality manufacturing businesses that are delivering strong growth and rising profits.
A real belter
A case in point is Fenner (LSE: FENR), which published its half-year results today, revealing revenues of £412m -- up 24% on last year -- and operating profits of £50.2m, a 55% increase on the same period last year.
Over the last five years, Fenner's annual revenues have risen from £380m to £718.3m, and they are set to top £800m this year. During that time, its share price has doubled -- although anyone who bought in at the height of the slump in 2009 will now be sitting on a ten-bagger!
Belts and seals
Fenner is a manufacturing business with two main divisions. The first of these is its Engineered Conveyor Solutions, which makes conveyor belts for coal mines and other industrial applications. Demand is strong from the global mining industry and Fenner's ECS division delivered a 25% increase in revenue and a 62% increase in underlying operating profit over the last six months.
Fenner's other division, Advanced Engineered Products, makes products such as specialist hydraulic seals, which it sells to the oil, gas, mining and agricultural industries. Revenues for this division rose by 20% over the first half, delivering a 23% rise in underlying operating profit.
More growth
Despite its earnings increasing at a slower rate to last year, Fenner has a PEG ratio of 0.46 based on the last six month's earnings, up from 0.2 last year. A PEG below one suggests a strong bias to growth, and I believe that Fenner's strong growth will continue for at least one more year, albeit at a diminishing rate.
Fenner has a rolling 12-month net debt to EBITDA ratio of 1.0, down from 1.3 at the end of 2011. Although this reduction is due to rising earnings, not falling debts, its net debt of £126m is not too burdensome and should be manageable even if earnings growth tails off.
Fenner isn't an income share, but the company has increased dividends steadily in recent years and announced a 32% increase in the interim dividend for the first half of the year, putting it in line to deliver a total yield of 2.3% for the year at today's share price.
More to come?
Fenner reminds me a little of Aggreko (LSE: AGK). It's a successful business that has delivered remarkable growth over a number of years. Like Aggreko, Fenner's current rate of growth cannot be maintained forever and when it eventually moderates, the shares are likely to be re-rated somewhat.
Despite this, I think that Fenner will continue to deliver strong growth for the next year or two at least, and would make a good investment for anyone looking for a maturing growth play that will benefit from strong global demand for commodities.
Sign up for a 30-day free trial to Motley Fool Share Advisor and get immediate access to all of our share recommendations and in-depth analysis.
More from Roland Head:
http://www.fool.co.uk/news/investing/2012/04/25/a-belting-growth-opportunity.aspx?source=ufwflwlnk0000001
A Belting Growth Opportunity
By
Roland HeadEmail .Published in Investing on 25 April 2012
Mining demand drives a 55% increase in profits for this UK manufacturer.
On the day that the UK officially slips back into recession, it is reassuring to know that we still have some quality manufacturing businesses that are delivering strong growth and rising profits.
A real belter
A case in point is Fenner (LSE: FENR), which published its half-year results today, revealing revenues of £412m -- up 24% on last year -- and operating profits of £50.2m, a 55% increase on the same period last year.
Over the last five years, Fenner's annual revenues have risen from £380m to £718.3m, and they are set to top £800m this year. During that time, its share price has doubled -- although anyone who bought in at the height of the slump in 2009 will now be sitting on a ten-bagger!
Belts and seals
Fenner is a manufacturing business with two main divisions. The first of these is its Engineered Conveyor Solutions, which makes conveyor belts for coal mines and other industrial applications. Demand is strong from the global mining industry and Fenner's ECS division delivered a 25% increase in revenue and a 62% increase in underlying operating profit over the last six months.
Fenner's other division, Advanced Engineered Products, makes products such as specialist hydraulic seals, which it sells to the oil, gas, mining and agricultural industries. Revenues for this division rose by 20% over the first half, delivering a 23% rise in underlying operating profit.
More growth
Despite its earnings increasing at a slower rate to last year, Fenner has a PEG ratio of 0.46 based on the last six month's earnings, up from 0.2 last year. A PEG below one suggests a strong bias to growth, and I believe that Fenner's strong growth will continue for at least one more year, albeit at a diminishing rate.
Fenner has a rolling 12-month net debt to EBITDA ratio of 1.0, down from 1.3 at the end of 2011. Although this reduction is due to rising earnings, not falling debts, its net debt of £126m is not too burdensome and should be manageable even if earnings growth tails off.
Fenner isn't an income share, but the company has increased dividends steadily in recent years and announced a 32% increase in the interim dividend for the first half of the year, putting it in line to deliver a total yield of 2.3% for the year at today's share price.
More to come?
Fenner reminds me a little of Aggreko (LSE: AGK). It's a successful business that has delivered remarkable growth over a number of years. Like Aggreko, Fenner's current rate of growth cannot be maintained forever and when it eventually moderates, the shares are likely to be re-rated somewhat.
Despite this, I think that Fenner will continue to deliver strong growth for the next year or two at least, and would make a good investment for anyone looking for a maturing growth play that will benefit from strong global demand for commodities.
Sign up for a 30-day free trial to Motley Fool Share Advisor and get immediate access to all of our share recommendations and in-depth analysis.
More from Roland Head:
http://www.fool.co.uk/news/investing/2012/04/25/a-belting-growth-opportunity.aspx?source=ufwflwlnk0000001
goldfinger
- 25 Apr 2012 16:34
- 122 of 312
Another upgrade just in.....
BRIEF-RESEARCH ALERT-Canaccord genuity raises Fenner target price
25 Apr 2012 - 11:43
April 25 (Reuters) - Fenner PLC :
* Canaccord genuity raises Fenner Plc target price to 562P from 542P;
rating buy
For a summary of rating actions and price target changes on European companies:
Reuters Eikon users, click on [RCH/EUROPE]
Reuters 3000Xtra users, double-click [RCH/EUROPE]
Reuters Station users, click .1580 ((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))
BRIEF-RESEARCH ALERT-Canaccord genuity raises Fenner target price
25 Apr 2012 - 11:43
April 25 (Reuters) - Fenner PLC :
* Canaccord genuity raises Fenner Plc target price to 562P from 542P;
rating buy
For a summary of rating actions and price target changes on European companies:
Reuters Eikon users, click on [RCH/EUROPE]
Reuters 3000Xtra users, double-click [RCH/EUROPE]
Reuters Station users, click .1580 ((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))
goldfinger
- 26 Apr 2012 08:15
- 123 of 312
goldfinger
- 26 Apr 2012 14:26
- 124 of 312
Fenner
Broker Views
Date Broker Recommendation Price Old target price New target price Notes
26 Apr Liberum Capital Buy 443.00 455.00 550.00 Reiterates
26 Apr Panmure Gordon Buy 443.00 540.00 555.00 Reiterates
Broker Views
Date Broker Recommendation Price Old target price New target price Notes
26 Apr Liberum Capital Buy 443.00 455.00 550.00 Reiterates
26 Apr Panmure Gordon Buy 443.00 540.00 555.00 Reiterates
goldfinger
- 26 Apr 2012 14:37
- 125 of 312
goldfinger
- 26 Apr 2012 15:47
- 126 of 312
goldfinger
- 30 Apr 2012 08:28
- 127 of 312
Fenner plc (FENR)Apr 28, 2012Chief Pulse Comment by Mark S Abrahams
"Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams. more
The group has decided to increase its interim dividend by 32 percent to 3.5 pence per share on the back of the strong financial performance. "Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams
"Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams. more
The group has decided to increase its interim dividend by 32 percent to 3.5 pence per share on the back of the strong financial performance. "Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors," said chairman of Fenner Mark Abrahams
goldfinger
- 01 May 2012 08:29
- 128 of 312
Broker upgrade (late yesterday)......
Fenner FTSE 250 Industrial Buy 565 455.1 24.1% Je
SP Target 565p 24.1% upside
Fenner FTSE 250 Industrial Buy 565 455.1 24.1% Je
SP Target 565p 24.1% upside
goldfinger
- 01 May 2012 08:54
- 129 of 312
goldfinger
- 02 May 2012 08:27
- 130 of 312
Canaccord backs Fenner
01/05/2012
Michael O'Brien, analyst at Canaccord, has reiterated his 'buy' recommendation on conveyor belt and reinforced polymer product maker Fenner (FENR.L) having met the company's management after last week's publication of robust interim results.
The meeting appears to have gone well: 'Simply put, we believe Fenner is in great shape. Returns are at an all-time high and we forecast will rise further as capacity utilisation is further improved,' O'Brien said.
He added that in his view the current share price misunderstands the group's positioning, as although the shale gas boom will hit coal consumption (an important stream of revenue for the group) in the US, domestic consumption will simply shift to exports. Furthermore, the group's seals division has exposure to the shale gas industry.
O'Brien said he was surprised that the share price hadn't gained more following the interim results. 'We believe continued appreciation of the increasing value add of the Fenner proposition alongside continued improving returns will further drive the price,' he concluded.
Shares in the group closed at 452.07p on Monday, up 4.67p or 1.04%.
http://www.citywire.co.uk/money/the-expert-view-aberdeen-asset-management-fenner-and-creston/a585674?ref=citywire-money-picture-galleries-list#i=5
01/05/2012
Michael O'Brien, analyst at Canaccord, has reiterated his 'buy' recommendation on conveyor belt and reinforced polymer product maker Fenner (FENR.L) having met the company's management after last week's publication of robust interim results.
The meeting appears to have gone well: 'Simply put, we believe Fenner is in great shape. Returns are at an all-time high and we forecast will rise further as capacity utilisation is further improved,' O'Brien said.
He added that in his view the current share price misunderstands the group's positioning, as although the shale gas boom will hit coal consumption (an important stream of revenue for the group) in the US, domestic consumption will simply shift to exports. Furthermore, the group's seals division has exposure to the shale gas industry.
O'Brien said he was surprised that the share price hadn't gained more following the interim results. 'We believe continued appreciation of the increasing value add of the Fenner proposition alongside continued improving returns will further drive the price,' he concluded.
Shares in the group closed at 452.07p on Monday, up 4.67p or 1.04%.
http://www.citywire.co.uk/money/the-expert-view-aberdeen-asset-management-fenner-and-creston/a585674?ref=citywire-money-picture-galleries-list#i=5
goldfinger
- 02 May 2012 08:38
- 131 of 312
FENR FENNER
Broker updates.....
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Arden Partners
01-05-12 BUY 108.00 38.14 10.50 122.00 42.96 12.00
Canaccord Genuity Ltd
30-04-12 BUY 98.00 35.00 9.50 108.00 38.30 10.50
Panmure Gordon
30-04-12 BUY 101.00 36.80 10.50 117.00 41.40 12.60
Broker updates.....
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Arden Partners
01-05-12 BUY 108.00 38.14 10.50 122.00 42.96 12.00
Canaccord Genuity Ltd
30-04-12 BUY 98.00 35.00 9.50 108.00 38.30 10.50
Panmure Gordon
30-04-12 BUY 101.00 36.80 10.50 117.00 41.40 12.60
goldfinger
- 02 May 2012 09:47
- 132 of 312
New Broker note out this morning..
02 May Fenner PLC FENR Westhouse Securities Buy 447.45 550.00 550.00
550p SP target
02 May Fenner PLC FENR Westhouse Securities Buy 447.45 550.00 550.00
550p SP target
maggiebt4
- 02 May 2012 11:20
- 133 of 312
Cannot understand why this is falling after good results and all the broker recommendations!
HARRYCAT
- 12 Jul 2012 08:54
- 134 of 312
StockMarketWire.com
Fenner reports continued solid progress since the beginning of March with revenue and earnings in line with forecasts.
And it says that overall, recent trading supports its confidence in meeting its expectations for the full year.
The group said its engineered conveyor solutions division continued to operate at high levels of factory utilisation and operating margins were in line with previous run rates.
And its advanced engineered products division has continued to perform in line with expectations, experiencing seasonally higher operating margins as the progresses through its second half period.
Fenner reports continued solid progress since the beginning of March with revenue and earnings in line with forecasts.
And it says that overall, recent trading supports its confidence in meeting its expectations for the full year.
The group said its engineered conveyor solutions division continued to operate at high levels of factory utilisation and operating margins were in line with previous run rates.
And its advanced engineered products division has continued to perform in line with expectations, experiencing seasonally higher operating margins as the progresses through its second half period.
maggiebt4
- 12 Jul 2012 14:11
- 135 of 312
Why is this tanking? Am I missing something or am I just thick? Above seems ok to me not heart stoppingly brilliant but ok!
HARRYCAT
- 12 Jul 2012 15:00
- 136 of 312
Makes the divi slightly more attractive! (Ex-divi 25th July '12 - 3.5p)
HARRYCAT
- 07 Aug 2012 17:21
- 137 of 312
StockMarketWire.com
Fenner's wholly owned subsidiary, Fenner Norway, has exchanged contracts for Norwegian Seals, a privately-owned group of companies with operations in Norway and the UK.
Norwegian Seals manufactures and distributes performance critical seals into the oil and gas market, with particular emphasis on subsea, well head and down hole applications.
Fenner says this strategic acquisition will allow CDI Seals, part of Fenner's AEP division, to exploit the North Sea market and enhance Norwegian Seals' ability, as part of the Fenner group, to build its growing industry reputation and presence.
The audited value of the gross assets being acquired was NKr47.4m as at 31 December.
The transaction is expected to complete in early September 2012.
skinny
- 07 Aug 2012 17:47
- 138 of 312
"Norwegian Seals" - sounds like a crack military outfit! :-)
skinny
- 10 Aug 2012 07:08
- 139 of 312
Acquisition of Mandals AS & Mandals Technology AS ("Mandals")
Fenner is pleased to announce that its wholly owned subsidiary, Fenner Norway AS, has today exchanged contracts to purchase 100% of the share capital of Mandals, a privately owned group of companies based in Norway and Sweden.
Mandals is a manufacturer of innovative lay flat and specialty hoses for use in demanding applications and of circular looms for the manufacture of the woven fabric used in the production of hoses. It is an acknowledged market leader in its industry, with products sold around the world. The acquisition builds on the expertise of Fenner's Advanced Engineered Products Division ("AEP"), providing performance critical applications to the agricultural, infrastructure, potable water and oil and gas markets.
The audited value of the gross assets being acquired was NOK 91.3m (GBP 9.9m) as at 31 December 2011. The transaction is expected to complete in early September 2012.
Nick Hobson, CEO of Fenner PLC, commented:
"Mandals is a leader in an area of reinforced polymer technology which complements our existing operations, particularly James Dawson. In addition, the end markets served by Mandals enjoy attractive, long term growth characteristics which will support Fenner's strategic growth objectives".
- ends -
Fenner is pleased to announce that its wholly owned subsidiary, Fenner Norway AS, has today exchanged contracts to purchase 100% of the share capital of Mandals, a privately owned group of companies based in Norway and Sweden.
Mandals is a manufacturer of innovative lay flat and specialty hoses for use in demanding applications and of circular looms for the manufacture of the woven fabric used in the production of hoses. It is an acknowledged market leader in its industry, with products sold around the world. The acquisition builds on the expertise of Fenner's Advanced Engineered Products Division ("AEP"), providing performance critical applications to the agricultural, infrastructure, potable water and oil and gas markets.
The audited value of the gross assets being acquired was NOK 91.3m (GBP 9.9m) as at 31 December 2011. The transaction is expected to complete in early September 2012.
Nick Hobson, CEO of Fenner PLC, commented:
"Mandals is a leader in an area of reinforced polymer technology which complements our existing operations, particularly James Dawson. In addition, the end markets served by Mandals enjoy attractive, long term growth characteristics which will support Fenner's strategic growth objectives".
- ends -
goldfinger
- 07 Sep 2012 09:53
- 140 of 312
FENR looks like an inverse head and shoulders pattern forming on the chart. Anyway Ive gone long and added as the lower indicators are pointing to a bounce aswel. and the fundys look fairly solid.
goldfinger
- 07 Sep 2012 10:08
- 141 of 312
FENNER
Brokers positive on the stock...
Forward P/E of just over 9 to 2013
total madness far too cheap.
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Numis Securities Ltd
05-09-12 BUY 102.00 36.20 10.50 113.50 40.40 11.50
Arden Partners
04-09-12 BUY 104.00 36.65 10.50 114.00 39.99 12.00
N+1 Brewin
04-09-12 BUY 100.50 35.50 10.50 107.50 37.50 11.60
Panmure Gordon
03-09-12 BUY 99.40 36.10 10.50 106.00 37.30 11.10
Peel Hunt
31-08-12 BUY 101.96 35.96 8.80 104.50 36.99 9.70
Investec Securities
17-08-12 HOLD 104.40 36.80 10.50 109.60 38.10 11.60
Fairfax IS
12-07-12 BUY 100.00 35.20 10.50 113.20 39.30 12.50
FinnCap
12-07-12 BUY 101.10 35.90 10.50 108.50 38.10 11.00
Canaccord Genuity Ltd
12-07-12 BUY 100.00 35.70 9.50 108.00 38.30 10.50
Westhouse Securities
24-05-12 BUY 92.70 36.30 10.50 106.80 41.30 12.60
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 101.16 36.08 10.22 109.22 38.60 11.33
1 Month Change 0.31 0.05 0.01 -0.43 -0.23 -0.02
3 Month Change 0.63 -0.05 0.02 -3.54 -1.59 -0.39
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS 72.90% 43.93% 6.96%
DPS 9.09% 41.90% 10.92%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £108.90m £136.12m £143.67m
EBIT £81.60m £108.63m £116.31m
Dividend Yield 2.01% 2.85% 3.16%
Dividend Cover 3.48x 3.53x 3.41x
PER 14.32x 9.95x 9.30x
PEG 0.20f 0.23f 1.34f
Net Asset Value PS 37.48p p p
Brokers positive on the stock...
Forward P/E of just over 9 to 2013
total madness far too cheap.
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Numis Securities Ltd
05-09-12 BUY 102.00 36.20 10.50 113.50 40.40 11.50
Arden Partners
04-09-12 BUY 104.00 36.65 10.50 114.00 39.99 12.00
N+1 Brewin
04-09-12 BUY 100.50 35.50 10.50 107.50 37.50 11.60
Panmure Gordon
03-09-12 BUY 99.40 36.10 10.50 106.00 37.30 11.10
Peel Hunt
31-08-12 BUY 101.96 35.96 8.80 104.50 36.99 9.70
Investec Securities
17-08-12 HOLD 104.40 36.80 10.50 109.60 38.10 11.60
Fairfax IS
12-07-12 BUY 100.00 35.20 10.50 113.20 39.30 12.50
FinnCap
12-07-12 BUY 101.10 35.90 10.50 108.50 38.10 11.00
Canaccord Genuity Ltd
12-07-12 BUY 100.00 35.70 9.50 108.00 38.30 10.50
Westhouse Securities
24-05-12 BUY 92.70 36.30 10.50 106.80 41.30 12.60
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 101.16 36.08 10.22 109.22 38.60 11.33
1 Month Change 0.31 0.05 0.01 -0.43 -0.23 -0.02
3 Month Change 0.63 -0.05 0.02 -3.54 -1.59 -0.39
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS 72.90% 43.93% 6.96%
DPS 9.09% 41.90% 10.92%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £108.90m £136.12m £143.67m
EBIT £81.60m £108.63m £116.31m
Dividend Yield 2.01% 2.85% 3.16%
Dividend Cover 3.48x 3.53x 3.41x
PER 14.32x 9.95x 9.30x
PEG 0.20f 0.23f 1.34f
Net Asset Value PS 37.48p p p
goldfinger
- 07 Sep 2012 10:37
- 142 of 312
Numis out with a Buy note this morning..
07 Sep Fenner PLC FENR Numis Buy 360.40 359.00 500.00 500.00 Reiterates
500p SP Target.
07 Sep Fenner PLC FENR Numis Buy 360.40 359.00 500.00 500.00 Reiterates
500p SP Target.
goldfinger
- 10 Sep 2012 08:47
- 143 of 312
Solid trading statement this morning.
goldfinger
- 10 Sep 2012 12:29
- 144 of 312
Historical piece from the summer
but I believe it still stands....
Why Fenner is still a solid buy for the long run By Phil Oakley Jul 12, 2012
http://www.moneyweek.com/investment-advice/share-tips/engineering-company-fenner-shares-a-solid-long-term-buy-22800
but I believe it still stands....
Why Fenner is still a solid buy for the long run By Phil Oakley Jul 12, 2012
http://www.moneyweek.com/investment-advice/share-tips/engineering-company-fenner-shares-a-solid-long-term-buy-22800
goldfinger
- 10 Sep 2012 12:37
- 145 of 312
Latest broker snap.....
10 Sep Fenner PLC FENR Canaccord Genuity Buy 362.10 360.50 563.00 563.00 Reiterates
563p SP target.
10 Sep Fenner PLC FENR Canaccord Genuity Buy 362.10 360.50 563.00 563.00 Reiterates
563p SP target.
HARRYCAT
- 26 Oct 2012 08:40
- 146 of 312
StockMarketWire.com
Fenner subsidiary Fenner Dunlop Australia has exchanged contracts to acquire Australian Conveyor Engineering, a privately owned group of companies based in Somersby, New South Wales.
The audited value of the gross assets being acquired was A$16.0m as at 30 June.
The transaction is expected to complete at the end of November.
ACE specialises in supplying engineered conveyor solutions for the design, manufacture and installation of high capacity conveyor systems for both surface and underground mining, with the capability to take projects from the initial concept to the commissioned conveyor system.
The acquisition furthers Fenner Dunlop's strategy of being the supplier of choice for engineered conveyor solutions in Australia, offering mining customers integrated solutions for improving the safety and total cost of materials handling.
Fenner chief executive Nicholas Hobson said "We are passionate about making conveying safe, more reliable and cost effective.
"This is a significant development for the Fenner Dunlop Engineered Conveyor Solutions offering in Australia, through which we are growing by strengthening our capabilities to effectively manage the lifetime cost of our customers' conveyors throughout the business cycle.
"This acquisition consolidates Fenner Dunlop's position as the leading supplier of conveyor products and services to the Australian markets and complements the acquisition in North America of the Allison Custom Fabrication business."
skinny
- 07 Nov 2012 07:04
- 147 of 312
Final Results
Highlights
· Record financial performance
- Revenue up 16% to £830.6m
- Underlying operating profit1 up 30% to £118.8m; operating profit up 30% to £107.6m
- Underlying profit before taxation2 up 30% to £103.9m; profit before taxation up 27% to £88.6m
- Underlying earnings per share2 up 28% to 36.1p; basic earnings per share up 23% to 30.3p
- Strong free cash flow of £63.0m (2011: £53.7m)
- ROCE increased to 24% (2011: 20%)
· Dividend per share increased by 31% to 10.5p per share, in recognition of increased quality of earnings and confidence in the future
· Engineered Conveyor Solutions ("ECS") underlying operating profit1 increased by 38% to £84.4m on revenues up 16% to £593.4m
Positive trading conditions for most of the year driven by record levels of coal and iron ore extraction; some slowing of order intake from the US coal sector towards the end of the year but coal stockpiles have been reducing for several months
· Advanced Engineered Products ("AEP") underlying operating profit1 and revenues both increased by 14% to £43.6m and £237.2m respectively
Growth underpinned by strong demand from the oil and gas sector and investment to broaden geographic coverage; some small pockets of destocking
· Strategic initiatives to create a strong, growing and resilient Group progressed well, supported by organic and acquisitive investment
· Confident in further opportunities for long-term value creation
Highlights
· Record financial performance
- Revenue up 16% to £830.6m
- Underlying operating profit1 up 30% to £118.8m; operating profit up 30% to £107.6m
- Underlying profit before taxation2 up 30% to £103.9m; profit before taxation up 27% to £88.6m
- Underlying earnings per share2 up 28% to 36.1p; basic earnings per share up 23% to 30.3p
- Strong free cash flow of £63.0m (2011: £53.7m)
- ROCE increased to 24% (2011: 20%)
· Dividend per share increased by 31% to 10.5p per share, in recognition of increased quality of earnings and confidence in the future
· Engineered Conveyor Solutions ("ECS") underlying operating profit1 increased by 38% to £84.4m on revenues up 16% to £593.4m
Positive trading conditions for most of the year driven by record levels of coal and iron ore extraction; some slowing of order intake from the US coal sector towards the end of the year but coal stockpiles have been reducing for several months
· Advanced Engineered Products ("AEP") underlying operating profit1 and revenues both increased by 14% to £43.6m and £237.2m respectively
Growth underpinned by strong demand from the oil and gas sector and investment to broaden geographic coverage; some small pockets of destocking
· Strategic initiatives to create a strong, growing and resilient Group progressed well, supported by organic and acquisitive investment
· Confident in further opportunities for long-term value creation
goldfinger
- 07 Nov 2012 09:21
- 148 of 312
FENR Fenner, far better results than I was expecting. Gone in and bought some this morning, expecting broker upgrades.
goldfinger
- 07 Nov 2012 09:21
- 149 of 312
You in long here Skinny?.
skinny
- 07 Nov 2012 09:22
- 150 of 312
As of this morning @350.88 having missed 348 by a requote.
goldfinger
- 07 Nov 2012 10:06
- 151 of 312
The -------ers.
goldfinger
- 07 Nov 2012 10:07
- 152 of 312
News is a bit slow coming through from brokers but sniffed this out..........
CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: INDUSTRIAL ENGINEERING
Fenner lifts dividend by nearly a third
Wed 07 Nov 2012
FENR - Fenner
- Industrial conveyor belt maker Fenner reported a stellar increase in profit and revenue for the year and lifted its dividend payment by 31 per cent.
Profit before taxation rose 27% in the 12 months ended August 31th to £88.6m while underlying pre-tax jumped 30% to £103.9m. Revenue for the year was up 16% to £830.6m. Underlying earnings per share rose 28% to 36.1p.
Fenner said the positive trading conditions for most of the year driven by record levels of coal and iron ore extraction. Some slowing of order intake from the US coal sector was seen towards the end of the year but coal stockpiles have been reducing for several months, it said.
Chairman of the reinforced polymer technology firm Mark Abrahams commented: "We remain mindful of the current global economic uncertainty. Given both anticipated end market trends and the very strong first half last year, we expect our performance to be more heavily weighted to the second half of the current year."
He added: "As a result of our investment programme over recent years, Fenner is a much stronger and more resilient business serving a more diverse customer base. The fundamentals of our core markets underpin healthy, long-term growth, and we continue to be encouraged by the number of identified opportunities for sustained value creation."
Underlining its confidence in future earnings, Fenner is recommending a dividend of 10.5p per share, up 31% from last time.
CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: INDUSTRIAL ENGINEERING
Fenner lifts dividend by nearly a third
Wed 07 Nov 2012
FENR - Fenner
- Industrial conveyor belt maker Fenner reported a stellar increase in profit and revenue for the year and lifted its dividend payment by 31 per cent.
Profit before taxation rose 27% in the 12 months ended August 31th to £88.6m while underlying pre-tax jumped 30% to £103.9m. Revenue for the year was up 16% to £830.6m. Underlying earnings per share rose 28% to 36.1p.
Fenner said the positive trading conditions for most of the year driven by record levels of coal and iron ore extraction. Some slowing of order intake from the US coal sector was seen towards the end of the year but coal stockpiles have been reducing for several months, it said.
Chairman of the reinforced polymer technology firm Mark Abrahams commented: "We remain mindful of the current global economic uncertainty. Given both anticipated end market trends and the very strong first half last year, we expect our performance to be more heavily weighted to the second half of the current year."
He added: "As a result of our investment programme over recent years, Fenner is a much stronger and more resilient business serving a more diverse customer base. The fundamentals of our core markets underpin healthy, long-term growth, and we continue to be encouraged by the number of identified opportunities for sustained value creation."
Underlining its confidence in future earnings, Fenner is recommending a dividend of 10.5p per share, up 31% from last time.
goldfinger
- 07 Nov 2012 10:28
- 153 of 312
Comment from Investors Chronicle:
Conveyor belt specialist Fenner ( FENR ) has announced a record financial performance in the year to August with revenues up 15 per cent to £830.6m and pre-tax profit up 27 per cent to £88.6m. The dividend is hiked by 30 per cent too. Buy.
Conveyor belt specialist Fenner ( FENR ) has announced a record financial performance in the year to August with revenues up 15 per cent to £830.6m and pre-tax profit up 27 per cent to £88.6m. The dividend is hiked by 30 per cent too. Buy.
goldfinger
- 07 Nov 2012 10:31
- 154 of 312
FENR FENNER
07 Nov Fenner PLC FENR Numis Buy 364.60 350.00 435.00 435.00 Reiterates
435p SP Target
.... very nice.
07 Nov Fenner PLC FENR Numis Buy 364.60 350.00 435.00 435.00 Reiterates
435p SP Target
.... very nice.
goldfinger
- 07 Nov 2012 10:46
- 155 of 312
FENR FENNER
07 Nov Fenner PLC FENR Panmure Gordon Buy 363.85 350.00 465.00 465.00 Reiterates
465p SP Target.
07 Nov Fenner PLC FENR Panmure Gordon Buy 363.85 350.00 465.00 465.00 Reiterates
465p SP Target.
goldfinger
- 07 Nov 2012 11:47
- 156 of 312
FT today
November 7, 2012 9:24 am
Fenner gives engineering sector rare boost
By Mark Wembridge
Fenner provided a rare piece of positive news among the UK’s engineering companies, after the maker of industrial conveyor belts reported a jump in full-year pre-tax profit.
The Yorkshire-based engineer, which specialises in the supply of belting for mining and heavy industries, on Wednesday reported pre-tax profit up 27 per cent to £88.6m in the year to August 31, buoyed by strong demand levels from the energy and mining sectors.
More
ON THIS TOPIC
Mining sector demand bolsters Fenner
IN INDUSTRIALS
Weir confirms full-year guidance
Cookson confirms split and board shuffle
Corporate China hit by unpaid bills
ABB ‘optimistic’ despite European malaise
The news prompted Fenner to boost its full-year dividend by almost one-third to 10.5p, which the group said was “in recognition of increased quality of earnings and confidence in the future”.
The solid figures are in contrast to a recent series of profit warnings from industrially-focused UK companies, with Severfield-Rowen, GKN, Morgan Crucible, Volex and Cookson all downgrading full-year earnings expectations.
Fenner’s revenues rose 16 per cent year-on-year to £830.6m, driven by buoyant demand for coal and iron ore extraction at the start of the financial year. However, that trend slowed in the second half, especially in the US market.
“As a result of our investment programme over recent years, Fenner is a much stronger and more resilient business serving a more diverse customer base. The fundamentals of our core markets underpin healthy, long-term growth,” said Mark Abrahams, chairman.
The group’s engineered conveyor solutions division overcame weakness in the construction sector to report a 16 per cent increase in revenues to £593m, boosted by a solid performance in Europe.
However, the division was hurt by the slowdown in US demand for coal, which it blamed on “the extremely mild winter and uneconomical pricing of natural gas”.
Fenner’s advanced engineered products unit revenues rose 14 per cent to £237.2m, underpinned by strong demand from the oil and gas sector, although the division is facing concerns of destocking among some customers.
“Fenner’s quality of earnings has improved greatly in recent years and this means that the group is more resilient. There are some areas of softness and the current year will undoubtedly be volatile (a cold US winter will help) but the long-term attraction of Fenner remains,” said Jon Lienard, analyst at N+1 Singer.
Diluted earnings per share rose from 24.4p to 30.2p, and Fenner shares increased 2.5 per cent to 358.9p in early trading.
November 7, 2012 9:24 am
Fenner gives engineering sector rare boost
By Mark Wembridge
Fenner provided a rare piece of positive news among the UK’s engineering companies, after the maker of industrial conveyor belts reported a jump in full-year pre-tax profit.
The Yorkshire-based engineer, which specialises in the supply of belting for mining and heavy industries, on Wednesday reported pre-tax profit up 27 per cent to £88.6m in the year to August 31, buoyed by strong demand levels from the energy and mining sectors.
More
ON THIS TOPIC
Mining sector demand bolsters Fenner
IN INDUSTRIALS
Weir confirms full-year guidance
Cookson confirms split and board shuffle
Corporate China hit by unpaid bills
ABB ‘optimistic’ despite European malaise
The news prompted Fenner to boost its full-year dividend by almost one-third to 10.5p, which the group said was “in recognition of increased quality of earnings and confidence in the future”.
The solid figures are in contrast to a recent series of profit warnings from industrially-focused UK companies, with Severfield-Rowen, GKN, Morgan Crucible, Volex and Cookson all downgrading full-year earnings expectations.
Fenner’s revenues rose 16 per cent year-on-year to £830.6m, driven by buoyant demand for coal and iron ore extraction at the start of the financial year. However, that trend slowed in the second half, especially in the US market.
“As a result of our investment programme over recent years, Fenner is a much stronger and more resilient business serving a more diverse customer base. The fundamentals of our core markets underpin healthy, long-term growth,” said Mark Abrahams, chairman.
The group’s engineered conveyor solutions division overcame weakness in the construction sector to report a 16 per cent increase in revenues to £593m, boosted by a solid performance in Europe.
However, the division was hurt by the slowdown in US demand for coal, which it blamed on “the extremely mild winter and uneconomical pricing of natural gas”.
Fenner’s advanced engineered products unit revenues rose 14 per cent to £237.2m, underpinned by strong demand from the oil and gas sector, although the division is facing concerns of destocking among some customers.
“Fenner’s quality of earnings has improved greatly in recent years and this means that the group is more resilient. There are some areas of softness and the current year will undoubtedly be volatile (a cold US winter will help) but the long-term attraction of Fenner remains,” said Jon Lienard, analyst at N+1 Singer.
Diluted earnings per share rose from 24.4p to 30.2p, and Fenner shares increased 2.5 per cent to 358.9p in early trading.
goldfinger
- 07 Nov 2012 11:49
- 157 of 312
Fenner: Jefferies keeps buy rating and 490p target.
HARRYCAT
- 07 Nov 2012 13:54
- 158 of 312
Ex-divi 30th Jan '13 (7p)
goldfinger
- 08 Nov 2012 09:08
- 159 of 312
FENR FENNER
After yesterdays results a table
showing the Broker expectations
which looks very bullish.......
Date Company Name Broker Rec. Price Old target price New target price Notes
07 Nov Fenner PLC Investec Hold 360.00 380.00 375.00 Reiterates
07 Nov Fenner PLC N+1 Singer Buy 360.00 450.00 408.00 Retains
07 Nov Fenner PLC Canaccord Genuity Buy 360.00 549.00 471.00 Reiterates
07 Nov Fenner PLC Numis Buy 360.00 435.00 435.00 Reiterates
07 Nov Fenner PLC Panmure Gordon Buy 360.00 465.00 460.00 Reiterates
NORWICH & PETERBOROUGH BUILDING SOCIETY
After yesterdays results a table
showing the Broker expectations
which looks very bullish.......
Date Company Name Broker Rec. Price Old target price New target price Notes
07 Nov Fenner PLC Investec Hold 360.00 380.00 375.00 Reiterates
07 Nov Fenner PLC N+1 Singer Buy 360.00 450.00 408.00 Retains
07 Nov Fenner PLC Canaccord Genuity Buy 360.00 549.00 471.00 Reiterates
07 Nov Fenner PLC Numis Buy 360.00 435.00 435.00 Reiterates
07 Nov Fenner PLC Panmure Gordon Buy 360.00 465.00 460.00 Reiterates
NORWICH & PETERBOROUGH BUILDING SOCIETY
goldfinger
- 08 Nov 2012 11:49
- 160 of 312
FENR FENNER
08 Nov Fenner PLC FENR Panmure Gordon Buy 361.55 359.50 460.00 460.00 Reiterates
Target SP 460p
08 Nov Fenner PLC FENR Panmure Gordon Buy 361.55 359.50 460.00 460.00 Reiterates
Target SP 460p
goldfinger
- 08 Nov 2012 11:50
- 161 of 312
Date: Thursday 08 Nov 2012
LONDON (ShareCast) - Tempus in The Times writes that Fenner, with more than two thirds of revenues across the group coming from repeat orders for equipment that has come to the end of its natural life, should not be as exposed to a slowdown in new investment as some of its peers.
Fenner shares rose by 9.5p to 359.5p on the release of a positive set of results to the end of September. Pre-tax profits came in 30% higher at £103.9m, while a final dividend of 7p increases the total by a generous 31% to 10.5p. Fenner is never going to be immune to global economic trend but the shares, on about 10 times earnings, look like good long-term value, the paper says.
LONDON (ShareCast) - Tempus in The Times writes that Fenner, with more than two thirds of revenues across the group coming from repeat orders for equipment that has come to the end of its natural life, should not be as exposed to a slowdown in new investment as some of its peers.
Fenner shares rose by 9.5p to 359.5p on the release of a positive set of results to the end of September. Pre-tax profits came in 30% higher at £103.9m, while a final dividend of 7p increases the total by a generous 31% to 10.5p. Fenner is never going to be immune to global economic trend but the shares, on about 10 times earnings, look like good long-term value, the paper says.
skinny
- 13 Nov 2012 13:26
- 162 of 312
goldfinger
- 14 Nov 2012 09:11
- 163 of 312
goldfinger
- 14 Nov 2012 09:12
- 164 of 312
oops just noticed Skinny same article sorry.
skinny
- 14 Nov 2012 09:17
- 165 of 312
Keep up!
goldfinger
- 17 Nov 2012 11:41
- 166 of 312
From David Scwarrtz in today's FT re; Fenner. SAT 17/11/2012
Turning to my own trading efforts, I recently purchased shares in Fenner (FENR), the world leader in industrial conveyor belt technology. To my eye, it is a safe share to own in these uncertain times.
The company has just reported smashing results for the financial year. Profits rose by 23 per cent and the dividend was increased.
In spite of its strong performance, Fenner shares have drifted sideways in the last six months. The company’s major problem is its link with the troubled mining sector. What many investors fail to realise is that 87 per cent of Fenner’s conveyor division revenues come from the so-called “after-market”. This is important because mining companies tend to keep production from existing mines barrelling ahead even if investments in new mines are being cut back. Continued expenditure for equipment servicing and replacement is a fact of life in established mines and this plays to Fenner’s strength.
The price graph reveals that its shares sit near to a recent low. Proximity to the lower end of the long-term trading range also suggests that these shares are well-supported. I believe they are ripe to bounce when the broad market begins to rally.
Stock market historian David Schwartz is an active short-term trader writing about his own trades
Turning to my own trading efforts, I recently purchased shares in Fenner (FENR), the world leader in industrial conveyor belt technology. To my eye, it is a safe share to own in these uncertain times.
The company has just reported smashing results for the financial year. Profits rose by 23 per cent and the dividend was increased.
In spite of its strong performance, Fenner shares have drifted sideways in the last six months. The company’s major problem is its link with the troubled mining sector. What many investors fail to realise is that 87 per cent of Fenner’s conveyor division revenues come from the so-called “after-market”. This is important because mining companies tend to keep production from existing mines barrelling ahead even if investments in new mines are being cut back. Continued expenditure for equipment servicing and replacement is a fact of life in established mines and this plays to Fenner’s strength.
The price graph reveals that its shares sit near to a recent low. Proximity to the lower end of the long-term trading range also suggests that these shares are well-supported. I believe they are ripe to bounce when the broad market begins to rally.
Stock market historian David Schwartz is an active short-term trader writing about his own trades
HARRYCAT
- 18 Nov 2012 14:03
- 167 of 312
.
goldfinger
- 19 Nov 2012 08:19
- 168 of 312
From David Scwarrtz in today's FT re; Fenner. SAT 17/11/2012
Turning to my own trading efforts, I recently purchased shares in Fenner (FENR), the world leader in industrial conveyor belt technology. To my eye, it is a safe share to own in these uncertain times.
The company has just reported smashing results for the financial year. Profits rose by 23 per cent and the dividend was increased.
In spite of its strong performance, Fenner shares have drifted sideways in the last six months. The company’s major problem is its link with the troubled mining sector. What many investors fail to realise is that 87 per cent of Fenner’s conveyor division revenues come from the so-called “after-market”. This is important because mining companies tend to keep production from existing mines barrelling ahead even if investments in new mines are being cut back. Continued expenditure for equipment servicing and replacement is a fact of life in established mines and this plays to Fenner’s strength.
The price graph reveals that its shares sit near to a recent low. Proximity to the lower end of the long-term trading range also suggests that these shares are well-supported. I believe they are ripe to bounce when the broad market begins to rally.
Stock market historian David Schwartz is an active short-term trader writing about his own trades
Turning to my own trading efforts, I recently purchased shares in Fenner (FENR), the world leader in industrial conveyor belt technology. To my eye, it is a safe share to own in these uncertain times.
The company has just reported smashing results for the financial year. Profits rose by 23 per cent and the dividend was increased.
In spite of its strong performance, Fenner shares have drifted sideways in the last six months. The company’s major problem is its link with the troubled mining sector. What many investors fail to realise is that 87 per cent of Fenner’s conveyor division revenues come from the so-called “after-market”. This is important because mining companies tend to keep production from existing mines barrelling ahead even if investments in new mines are being cut back. Continued expenditure for equipment servicing and replacement is a fact of life in established mines and this plays to Fenner’s strength.
The price graph reveals that its shares sit near to a recent low. Proximity to the lower end of the long-term trading range also suggests that these shares are well-supported. I believe they are ripe to bounce when the broad market begins to rally.
Stock market historian David Schwartz is an active short-term trader writing about his own trades
goldfinger
- 19 Nov 2012 16:22
- 169 of 312
FENR FENNER
On a stingy forward P/E of just 10.5
to 2013. Way way too cheap imo.
Cheap as chips.
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Arden Partners
16-11-12 ADD 102.50 36.09 10.50 104.00 36.07 11.25
Panmure Gordon
16-11-12 BUY 99.80 35.90 10.50 94.30 33.10 10.80
Peel Hunt
15-11-12 BUY 101.96 35.96 8.80 107.50 38.00 9.70
N+1 Singer
14-11-12 BUY 103.90 35.90 10.50 98.00 34.00 11.60
Investec Securities
14-11-12 HOLD 103.90 35.90 10.50 98.00 33.20 11.10
Numis Securities Ltd
07-11-12 BUY 103.90 36.10 10.50 103.00 35.80 11.00
Canaccord Genuity Ltd
07-11-12 BUY 99.80 36.10 10.50 104.00 36.20 11.50
FinnCap
10-09-12 BUY 101.50 35.90 108.50 38.10
Westhouse Securities
24-05-12 BUY 92.70 36.30 10.50 106.80 41.30 12.60
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 102.19 35.98 10.50 101.29 34.68 11.21
1 Month Change 0.96 -0.05 0.37 -4.48 -2.56 0.17
3 Month Change 1.16 -0.09 0.29 -7.80 -3.90 -0.13
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS 72.90% 43.52% -3.63%
DPS 9.09% 45.83% 6.72%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £108.90m £138.64m £135.70m
EBIT £81.60m £98.70m £121.30m
Dividend Yield 1.98% 2.88% 3.08%
Dividend Cover 3.48x 3.43x 3.10x
PER 14.52x 10.12x 10.50x
PEG 0.20f 0.23f -2.89f
Net Asset Value PS 37.48p 171.20p 192.90p
On a stingy forward P/E of just 10.5
to 2013. Way way too cheap imo.
Cheap as chips.
Fenner PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Arden Partners
16-11-12 ADD 102.50 36.09 10.50 104.00 36.07 11.25
Panmure Gordon
16-11-12 BUY 99.80 35.90 10.50 94.30 33.10 10.80
Peel Hunt
15-11-12 BUY 101.96 35.96 8.80 107.50 38.00 9.70
N+1 Singer
14-11-12 BUY 103.90 35.90 10.50 98.00 34.00 11.60
Investec Securities
14-11-12 HOLD 103.90 35.90 10.50 98.00 33.20 11.10
Numis Securities Ltd
07-11-12 BUY 103.90 36.10 10.50 103.00 35.80 11.00
Canaccord Genuity Ltd
07-11-12 BUY 99.80 36.10 10.50 104.00 36.20 11.50
FinnCap
10-09-12 BUY 101.50 35.90 108.50 38.10
Westhouse Securities
24-05-12 BUY 92.70 36.30 10.50 106.80 41.30 12.60
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 102.19 35.98 10.50 101.29 34.68 11.21
1 Month Change 0.96 -0.05 0.37 -4.48 -2.56 0.17
3 Month Change 1.16 -0.09 0.29 -7.80 -3.90 -0.13
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS 72.90% 43.52% -3.63%
DPS 9.09% 45.83% 6.72%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £108.90m £138.64m £135.70m
EBIT £81.60m £98.70m £121.30m
Dividend Yield 1.98% 2.88% 3.08%
Dividend Cover 3.48x 3.43x 3.10x
PER 14.52x 10.12x 10.50x
PEG 0.20f 0.23f -2.89f
Net Asset Value PS 37.48p 171.20p 192.90p
skinny
- 20 Nov 2012 10:34
- 170 of 312
Starting to look up here.
;MA(50);MA(200)&IND=RSI(14);MTM(6,6)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
goldfinger
- 20 Nov 2012 10:40
- 171 of 312
Lovely chart.
goldfinger
- 22 Nov 2012 10:09
- 172 of 312
FENR FENNER
Fenner Broker Views
Date Broker Recommendation Price Old target price New target price Notes
08 Nov Panmure Gordon Buy 380.85 460.00 460.00 Reiterates
07 Nov Investec Hold 380.85 380.00 375.00 Reiterates
07 Nov N+1 Singer Buy 380.85 450.00 408.00 Retains
07 Nov Canaccord Genuity Buy 380.85 549.00 471.00 Reiterates
07 Nov Numis Buy 380.85 435.00 435.00 Reiterates
NORWICH & PETERBOROUGH BUILDING SOCIETY
Fenner Broker Views
Date Broker Recommendation Price Old target price New target price Notes
08 Nov Panmure Gordon Buy 380.85 460.00 460.00 Reiterates
07 Nov Investec Hold 380.85 380.00 375.00 Reiterates
07 Nov N+1 Singer Buy 380.85 450.00 408.00 Retains
07 Nov Canaccord Genuity Buy 380.85 549.00 471.00 Reiterates
07 Nov Numis Buy 380.85 435.00 435.00 Reiterates
NORWICH & PETERBOROUGH BUILDING SOCIETY
skinny
- 22 Nov 2012 12:15
- 173 of 312
Off and running - looking for £4 pdq.
skinny
- 09 Jan 2013 11:38
- 174 of 312
Closed here +57.
maggiebt4
- 09 Jan 2013 15:20
- 175 of 312
Also closed but think it could turn again as gap to be filled around £4. So might be worth another punt.
HARRYCAT
- 10 Jan 2013 14:58
- 176 of 312
Ex-divi wed 30th Jan 2013 (7p)
skinny
- 15 Jan 2013 15:39
- 177 of 312
Looking a tad oversold?
HARRYCAT
- 15 Jan 2013 15:44
- 178 of 312
Makes the divi slightly more attractive. I thought declining 200 MA was a warning signal for likelihood of sp not being supported?
skinny
- 15 Jan 2013 15:56
- 179 of 312
£3.80 looks like recent support - so may look if it gets there.
On edit £3.80 not £3!
On edit £3.80 not £3!
maggiebt4
- 15 Jan 2013 16:28
- 180 of 312
Has just touched 50 dma so might bounce from there. Hope so as I took the plunge at 395. story of my life, either in too soon or out too soon!
skinny
- 16 Jan 2013 07:01
- 181 of 312
AGM & Interim Management Statement
During our first quarter, the Engineered Conveying Solutions (ECS) division experienced demand levels from the North American coal industry as expected and above the lows of 2012. Following strong Q1 operating results in Australia, mining industry sentiment in that market has declined, primarily as a result of lower iron ore and coal prices. Other regions of the world showed steady demand patterns.
During our first quarter, the Engineered Conveying Solutions (ECS) division experienced demand levels from the North American coal industry as expected and above the lows of 2012. Following strong Q1 operating results in Australia, mining industry sentiment in that market has declined, primarily as a result of lower iron ore and coal prices. Other regions of the world showed steady demand patterns.
HARRYCAT
- 16 Jan 2013 08:17
- 182 of 312
.
Chris Carson
- 30 Jan 2013 11:27
- 183 of 312
Now The divis out the way wee punt long @ 391.1
maggiebt4
- 30 Jan 2013 12:19
- 184 of 312
But why the fall, surely the ex div date was ages ago? Unfortunately I'm already long and have just watched my profit disappear overnight!
goldfinger
- 30 Jan 2013 12:19
- 185 of 312
Yep thinking the same Chris as our discussion on chart attack thread.400p round number may be a difficulty but sp has been through it once so resistance shouldnt be as difficult.
goldfinger
- 30 Jan 2013 12:22
- 186 of 312
Hi Maggie Chris informed me this weekend divi was today as per norm with all divis on a wed.
Think you should stay in as you may find a quick bounce back.
Think you should stay in as you may find a quick bounce back.
HARRYCAT
- 30 Jan 2013 12:23
- 187 of 312
Correct. Ex-divi is today. -6% seems a bit harsh for a 7p divi.
Chris Carson
- 30 Jan 2013 12:24
- 188 of 312
Aye 7p maggie.
maggiebt4
- 30 Jan 2013 12:42
- 189 of 312
Apologies and thanks gentlemen for straightening me out. I thought it was payment day today! Hence couldn't understand fall.Duh!!! If I'd realised it was only ex div would have been tempted to take profits and buy back in, so shall just stay put.
skinny
- 30 Jan 2013 12:52
- 190 of 312
Hovering @200ma.
goldfinger
- 01 Feb 2013 09:44
- 191 of 312
BROKERS Bullish on FENR.....
Date Company Name Broker Rec. Price Old target price New target price Notes
17 Jan 13 Fenner PLC Credit Suisse Neutral 385.75 345.00 400.00 Reiterates
16 Jan 13 Fenner PLC N+1 Singer Buy 385.75 - 384.00 Retains
16 Jan 13 Fenner PLC Canaccord Genuity Buy 385.75 471.00 471.00 Reiterates
16 Jan 13 Fenner PLC Numis Buy 385.75 435.00 435.00 Reiterates
16 Jan 13 Fenner PLC Finncap Hold 385.75 - - Downgrades
16 Jan 13 Fenner PLC Investec Hold 385.75 415.00 420.00 Reiterates
14 Jan 13 Fenner PLC Jefferies International Buy 385.75 490.00 490.00 Reiterates
08 Nov 12 Fenner PLC Panmure Gordon Buy 385.75 460.00 460.00 Reiterates
N@P Building Society.
Date Company Name Broker Rec. Price Old target price New target price Notes
17 Jan 13 Fenner PLC Credit Suisse Neutral 385.75 345.00 400.00 Reiterates
16 Jan 13 Fenner PLC N+1 Singer Buy 385.75 - 384.00 Retains
16 Jan 13 Fenner PLC Canaccord Genuity Buy 385.75 471.00 471.00 Reiterates
16 Jan 13 Fenner PLC Numis Buy 385.75 435.00 435.00 Reiterates
16 Jan 13 Fenner PLC Finncap Hold 385.75 - - Downgrades
16 Jan 13 Fenner PLC Investec Hold 385.75 415.00 420.00 Reiterates
14 Jan 13 Fenner PLC Jefferies International Buy 385.75 490.00 490.00 Reiterates
08 Nov 12 Fenner PLC Panmure Gordon Buy 385.75 460.00 460.00 Reiterates
N@P Building Society.
maggiebt4
- 01 Feb 2013 11:27
- 192 of 312
That sort of steadies the nerves a bit.
goldfinger
- 06 Feb 2013 10:39
- 193 of 312
At last the turn around.
Far too cheap and chart indicates at
base of a uptrend channel.
Should be a lot to come.
Far too cheap and chart indicates at
base of a uptrend channel.
Should be a lot to come.
Chris Carson
- 13 Feb 2013 13:11
- 194 of 312
Stop to 401.1 to lock in + 10 on the spreads.
goldfinger
- 13 Feb 2013 13:47
- 195 of 312
Channel top looks about 450p Chris.
On laptop at moment away from main PCs so cant get chart done.
On laptop at moment away from main PCs so cant get chart done.
Chris Carson
- 13 Feb 2013 14:02
- 196 of 312
Fingers crossed GF.
goldfinger
- 13 Feb 2013 17:02
- 197 of 312
Yep good day.
Chris Carson
- 14 Feb 2013 15:27
- 198 of 312
Stop to 411.1 lock in + 20
Chris Carson
- 14 Feb 2013 17:39
- 199 of 312
See NT bought in @ 397.0 :O)
maggiebt4
- 15 Feb 2013 11:45
- 200 of 312
Any guesses (informed of course!) where the top is? Got caught out last time and lost all my profit.
Chris Carson
- 15 Feb 2013 12:47
- 201 of 312
No idea maggie, my target (Limit) is 440.0 with a trailing stop of 11pips on the spreads.
maggiebt4
- 15 Feb 2013 13:04
- 202 of 312
Thanks Chris. Was thinking might be too much to hope for of it going past 440.
Chris Carson
- 15 Feb 2013 13:11
- 203 of 312
It may well go past 440.0 maggie, might not get past 430.0 on the other hand either :O) pays your money takes your chance.
HARRYCAT
- 07 Mar 2013 08:10
- 204 of 312
Fenner PLC today provides an update on trading for the six months ended 28 February 2013. The Group expects to report its half year results on 24 April 2013.
Trading in the second quarter of the financial year has been in accordance with management expectations.
Our ECS business in Australia enjoyed strong trading during the first quarter but saw lower demand and the anticipated price pressure from the mining industry through the holiday period in our second quarter. In North America, while demand from the coal industry across the period was below historic levels, some early but encouraging signs of improved activity have been evident in recent weeks. Elsewhere in this division, trading is robust and progress has been achieved in expanding our product range and our presence in emerging markets.
Our Advanced Engineered Products division has performed well in challenging traditional markets whilst making progress in new applications and emerging markets. We have seen some higher order levels in many business units as customers re-stock and position for recovery although it is too early to establish trends at this stage.
The four bolt-on acquisitions (American Industrial Plastics, Norwegian Seals, Mandals and Australian Conveyor Engineering), which were completed in the first quarter, are performing well during these initial months of ownership. Prior acquisitions, some of which are part owned, continue to perform strongly.
Net borrowings are approximately £175m after acquisition payments of approximately £60m, seasonal outflows and adverse exchange rate movements.
As the Group enters the second half of its financial year, we are well positioned to respond to generally improving demand drivers and now look forward to continuing to make progress through our traditionally stronger trading period.
halifax - 17 Apr 2013 16:10 - 205 of 312
sp taking a beating today ahead of results due next week.
skinny
- 22 Apr 2013 16:14
- 206 of 312
Interims this Wednesday.
mitzy - 22 Apr 2013 16:16 - 207 of 312
Pretty bad.
skinny
- 22 Apr 2013 16:18
- 208 of 312
Today's fall is probably due to this :- Caterpillar cuts full-year 2013 outlook
halifax - 22 Apr 2013 16:22 - 209 of 312
SP looking pretty sick atm.
skinny
- 24 Apr 2013 07:08
- 210 of 312
Half Year Results
Highlights
• Robust performance in a challenging operating environment and against record comparable results last year
• Revenue of £391.3m (2012: £412.0m); underlying profit before taxation1 of £35.8m (2012: £48.1m)
• Dividend per share increased by 7% to 3.75p per share (2012: 3.50p), reflecting confidence in the Group's earnings prospects
• Improving order levels in Engineered Conveyor Solutions in North America; pressures continue in Australia; strong trading elsewhere
• Advanced Engineered Products saw good progress in new applications and emerging markets and strong performance by acquired businesses; activity levels continue to improve after quieter start to year following customer destocking
• Acquisitions during the period performing well and ahead of expectations
• Confident of a return to growth in our 2013/2014 financial year
1 Underlying profit before taxation is before amortisation of intangible assets acquired and notional interest.
Highlights
• Robust performance in a challenging operating environment and against record comparable results last year
• Revenue of £391.3m (2012: £412.0m); underlying profit before taxation1 of £35.8m (2012: £48.1m)
• Dividend per share increased by 7% to 3.75p per share (2012: 3.50p), reflecting confidence in the Group's earnings prospects
• Improving order levels in Engineered Conveyor Solutions in North America; pressures continue in Australia; strong trading elsewhere
• Advanced Engineered Products saw good progress in new applications and emerging markets and strong performance by acquired businesses; activity levels continue to improve after quieter start to year following customer destocking
• Acquisitions during the period performing well and ahead of expectations
• Confident of a return to growth in our 2013/2014 financial year
1 Underlying profit before taxation is before amortisation of intangible assets acquired and notional interest.
HARRYCAT
- 24 Apr 2013 11:42
- 211 of 312
StockMarketWire.com
Investec lifts Fenner to buy from hold, target changed to 380p from 455p.
Investec lifts Fenner to buy from hold, target changed to 380p from 455p.
goldfinger
- 10 May 2013 09:31
- 212 of 312
Gone long stock looks to be recovering.
HARRYCAT
- 17 Jul 2013 14:25
- 213 of 312
Ex-divi wed 31st July (3.75p)
skinny
- 17 Jul 2013 14:55
- 214 of 312
R u sure? :-)
HARRYCAT
- 17 Jul 2013 14:58
- 215 of 312
Well spotted. Divi figure amended! Not sure what happened there, though suspect clammy, fat fingers!
goldfinger
- 17 Jul 2013 15:00
- 216 of 312
Yep.
Must admit I had a very tight stop loss and was stopped out twice.
This last order though got me in and profitable.
Must admit I had a very tight stop loss and was stopped out twice.
This last order though got me in and profitable.
Chris Carson
- 17 Jul 2013 15:06
- 217 of 312
JP Morgan Cazenove retains neutral on Fenner target cut from 420p to 340p
skinny
- 18 Jul 2013 07:13
- 218 of 312
Interim Management Statement
Summary
The Group has continued to make progress and, in the period under review, achieved revenue and earnings in line with management expectations.
The Group reconfirms its expectation of an outcome for its current financial year in line with that anticipated in April 2013, at the time of its Half Year Results.
In light of the improving prospects in both Advanced Engineered Products ("AEP") and the majority of the Engineered Conveyor Solutions ("ECS") businesses and notwithstanding current conditions in the Australian mining industry, the Group looks forward to a return to growth in its 2013/14 financial year.
Trading
During the period under review, the ECS division in North America achieved order levels and revenues which showed continuing improvement from the uncharacteristically soft demand in the second half of 2012. ECS's business in Australia was, as anticipated, impacted by the widely reported and continuing pressures on expenditure in the mining industry. ECS's businesses in other locations generally continued to trade well.
In the AEP division, activity levels have continued to improve following the destocking experienced in the early months of the financial year. There has been a particularly strong performance by Fenner Advanced Sealing Technologies, which is benefitting from the strength of its industry-leading brands and technologies, its exposure to the oil & gas industry as well as recent acquisitions. Other AEP businesses have also generally performed well and in line with previous expectations.
Balance sheet and financing
The Group's balance sheet remains strong with borrowings at a level consistent with management's expectations.
Disposal
On 29 April 2013, the Group sold Svenska Brandslangfabriken AB, a non-core business in Sweden, which was acquired as part of the Mandals businesses on 3 September 2012. Net cash proceeds before selling costs were SEK 46.4m (£4.6m at current exchange rates).
- Ends -
Summary
The Group has continued to make progress and, in the period under review, achieved revenue and earnings in line with management expectations.
The Group reconfirms its expectation of an outcome for its current financial year in line with that anticipated in April 2013, at the time of its Half Year Results.
In light of the improving prospects in both Advanced Engineered Products ("AEP") and the majority of the Engineered Conveyor Solutions ("ECS") businesses and notwithstanding current conditions in the Australian mining industry, the Group looks forward to a return to growth in its 2013/14 financial year.
Trading
During the period under review, the ECS division in North America achieved order levels and revenues which showed continuing improvement from the uncharacteristically soft demand in the second half of 2012. ECS's business in Australia was, as anticipated, impacted by the widely reported and continuing pressures on expenditure in the mining industry. ECS's businesses in other locations generally continued to trade well.
In the AEP division, activity levels have continued to improve following the destocking experienced in the early months of the financial year. There has been a particularly strong performance by Fenner Advanced Sealing Technologies, which is benefitting from the strength of its industry-leading brands and technologies, its exposure to the oil & gas industry as well as recent acquisitions. Other AEP businesses have also generally performed well and in line with previous expectations.
Balance sheet and financing
The Group's balance sheet remains strong with borrowings at a level consistent with management's expectations.
Disposal
On 29 April 2013, the Group sold Svenska Brandslangfabriken AB, a non-core business in Sweden, which was acquired as part of the Mandals businesses on 3 September 2012. Net cash proceeds before selling costs were SEK 46.4m (£4.6m at current exchange rates).
- Ends -
goldfinger
- 18 Jul 2013 08:33
- 219 of 312
Solid results, good reaction from the market.
Acer - 18 Jul 2013 09:51 - 220 of 312
Reassuring results, like the mention of the Australian difficulties. Will add.
goldfinger
- 18 Jul 2013 10:10
- 221 of 312
BRIEF-Fenner says looks forward to returning to growth18 Jul 2013 - 07:11
LONDON, July 18 (Reuters) - Fenner PLC : * In the period under review, achieved revenue and earnings in line with management expectations * Reconfirms its expectation for its current financial year in line with that anticipated in April 2013 * Looks forward to a return to growth in its 2013/14 financial year. ((London Equities Newsroom; +44 20 7542 7717)) ((For more news, please click here [FENR.L]))
LONDON, July 18 (Reuters) - Fenner PLC : * In the period under review, achieved revenue and earnings in line with management expectations * Reconfirms its expectation for its current financial year in line with that anticipated in April 2013 * Looks forward to a return to growth in its 2013/14 financial year. ((London Equities Newsroom; +44 20 7542 7717)) ((For more news, please click here [FENR.L]))
HARRYCAT
- 18 Jul 2013 10:35
- 222 of 312
.
goldfinger
- 18 Jul 2013 10:51
- 223 of 312
skinny
- 18 Jul 2013 11:45
- 224 of 312
Numis Add 335.05 - 380.00 Reiterates
N+1 Singer Hold 335.05 330.00 330.00 Retains
Investec Hold 335.05 335.00 330.00 Reiterates
N+1 Singer Hold 335.05 330.00 330.00 Retains
Investec Hold 335.05 335.00 330.00 Reiterates
Acer - 19 Jul 2013 11:00 - 225 of 312
Added first thing this morning, flying!
skinny
- 19 Jul 2013 11:03
- 226 of 312
Citigroup Buy 339.35 457.00 415.00 Retains
Acer - 10 Sep 2013 15:25 - 227 of 312
Good update this am.
Took profit @ 389p
Took profit @ 389p
maggiebt4
- 10 Sep 2013 15:27
- 228 of 312
Lilkewise but looking to get back in as I believe this has further to go.
skinny
- 18 Sep 2013 08:52
- 229 of 312
Investec Sell 399.55 405.00 370.00 375.00 Downgrades
skinny
- 13 Nov 2013 07:34
- 230 of 312
skinny
- 13 Nov 2013 07:40
- 231 of 312
Finncap Buy 406.85 407.30 - 460.00 Upgrades
skinny
- 27 Dec 2013 10:42
- 232 of 312
12+ month high @467.60472.50p.
goldfinger
- 15 Jan 2014 04:28
- 233 of 312
Results later today.
skinny
- 15 Jan 2014 06:31
- 234 of 312
A bit of a pull back since the recent high - today could be interesting.
skinny
- 15 Jan 2014 07:02
- 235 of 312
Interim Management Statement
The Group has continued to make progress towards its strategic objectives against a generally improving macro-economic environment.
ECS's trading results for the period were in line with management expectations albeit, as anticipated, below the levels for the comparative period of the previous financial year, largely reflecting very strong trading in Australia in the first quarter of that year.
Continued high levels of iron ore extraction in Australia, which have led to some easing of constraints on mines' operational expenditure, and further progress by ECS in hard rock mining in other regions have benefitted ECS's trading and order book.
ECS order intake rates typically decline during the winter. This year, the normal seasonality has combined with a number of factors, including corporate activity amongst our coal mining customers, to make ECS's forward order visibility in these markets more limited than usual.
AEP's trading and outlook are encouraging and have reflected generally improving macro-economic conditions. AEP is continuing to target opportunities in the oil & gas and medical industries and, as previously indicated, has increased revenue investment in both human capital and innovation to underpin a continuation of the strong organic growth achieved in recent years in this division.
It is now envisaged that AEP's revenue and operating profit will be slightly more weighted towards the second half of this financial year than previously anticipated, mainly due to the deferral of certain customer sales from the first half of the year to the second.
The expected full year outcome is unchanged in constant currency terms.
During the period, sterling has continued to strengthen against all the major currencies in which the Group's revenues are generated. Translation of the Group's results for its financial year ended 31 August 2013 using rates as at 31 December 2013 would have reduced underlying operating profit by approximately £9 million.
The Group's financial position remains strong, with net borrowing being in line with expectations.
- Ends -
The Group has continued to make progress towards its strategic objectives against a generally improving macro-economic environment.
ECS's trading results for the period were in line with management expectations albeit, as anticipated, below the levels for the comparative period of the previous financial year, largely reflecting very strong trading in Australia in the first quarter of that year.
Continued high levels of iron ore extraction in Australia, which have led to some easing of constraints on mines' operational expenditure, and further progress by ECS in hard rock mining in other regions have benefitted ECS's trading and order book.
ECS order intake rates typically decline during the winter. This year, the normal seasonality has combined with a number of factors, including corporate activity amongst our coal mining customers, to make ECS's forward order visibility in these markets more limited than usual.
AEP's trading and outlook are encouraging and have reflected generally improving macro-economic conditions. AEP is continuing to target opportunities in the oil & gas and medical industries and, as previously indicated, has increased revenue investment in both human capital and innovation to underpin a continuation of the strong organic growth achieved in recent years in this division.
It is now envisaged that AEP's revenue and operating profit will be slightly more weighted towards the second half of this financial year than previously anticipated, mainly due to the deferral of certain customer sales from the first half of the year to the second.
The expected full year outcome is unchanged in constant currency terms.
During the period, sterling has continued to strengthen against all the major currencies in which the Group's revenues are generated. Translation of the Group's results for its financial year ended 31 August 2013 using rates as at 31 December 2013 would have reduced underlying operating profit by approximately £9 million.
The Group's financial position remains strong, with net borrowing being in line with expectations.
- Ends -
skinny
- 15 Jan 2014 08:19
- 236 of 312
Gap from early November now filled!
skinny
- 15 Jan 2014 08:27
- 237 of 312
Investec Sell 423.15 390.00 380.00 Reiterates
Finncap Buy 423.15 532.00 532.00 Reiterates
Finncap Buy 423.15 532.00 532.00 Reiterates
skinny
- 15 Jan 2014 13:44
- 238 of 312
Credit Suisse Outperform 440.55 490.00 490.00 Reiterates
Numis Add 440.55 - 475.00 Reiterates
Numis Add 440.55 - 475.00 Reiterates
skinny
- 15 Jan 2014 14:44
- 239 of 312
Closed +23 day trade.
skinny
- 24 Jan 2014 15:14
- 240 of 312
I see Lloyds have slightly reduced their holding - ex dividend next week @7.5p
skinny
- 11 Mar 2014 07:03
- 241 of 312
Pre-Close Trading Statement
Fenner today provides an update on trading for the six months ended 28 February 2014. The Group expects to report its half year results on 23 April 2014.
The Group's results for the period ended 28 February 2014 will, as previously indicated, be below those for the first half of its previous financial year but the Board anticipates that, in constant currency terms, the outcome for the year as a whole will show modest growth compared with the previous year.
ECS's trading results for the first half of the year were in line with management expectations albeit, as previously indicated, below the first half of last year on a constant currency basis, largely reflecting the very strong trading in Australia in the first quarter of that year.
In Australia, ECS is seeing improving demand for its products, assisted by continued high levels of iron ore and coal extraction, which is being reflected in higher order books.
Amongst ECS's coal mining customers, sentiment generally remains cautious, reflecting low commodity prices. In the second half of the year, ECS's business is expected to see some benefit from higher levels of coal consumption and generally lower US coal stock piles, although the Group remains mindful of the potential impact of corporate activity in North America and uncertainty in the Ukraine.
AEP's performance during the period has been encouraging, particularly amongst those of its businesses which serve the oil and gas industry, as it has continued to make progress towards the strategic objectives for the development of its businesses globally. As previously indicated, AEP's result for the first half reflected certain customer sales being deferred from the first half of the year, which are now expected to be made up in the second half of the current year or in the following financial year, as well as the Group's incremental revenue investment in both human capital and innovation to underpin the continuation of the strong organic growth achieved in recent years in this division.
Overall, AEP is expected to make progress in constant currency terms in its seasonally stronger second half, which is anticipated to have a slightly higher weighting of revenue and operating profit than in recent years.
Since Fenner's interim management statement in January 2014, sterling has seen relatively modest movements against all the major currencies in which the Group's revenues are generated. Translation of the Group's results for its financial year ended 31 August 2013 using average current rates would have reduced underlying operating profit by £8.7 million to £92.8 million and underlying earnings per share by approximately 2.6 pence to 27.5 pence.
The Group's financial position remains strong. The Group expects to report net borrowings at 28 February 2014 of circa £135 million (£172 million as at 28 February 2013, equivalent to £154 million using exchange rates prevailing on 28 February 2014).
- Ends -
Fenner today provides an update on trading for the six months ended 28 February 2014. The Group expects to report its half year results on 23 April 2014.
The Group's results for the period ended 28 February 2014 will, as previously indicated, be below those for the first half of its previous financial year but the Board anticipates that, in constant currency terms, the outcome for the year as a whole will show modest growth compared with the previous year.
ECS's trading results for the first half of the year were in line with management expectations albeit, as previously indicated, below the first half of last year on a constant currency basis, largely reflecting the very strong trading in Australia in the first quarter of that year.
In Australia, ECS is seeing improving demand for its products, assisted by continued high levels of iron ore and coal extraction, which is being reflected in higher order books.
Amongst ECS's coal mining customers, sentiment generally remains cautious, reflecting low commodity prices. In the second half of the year, ECS's business is expected to see some benefit from higher levels of coal consumption and generally lower US coal stock piles, although the Group remains mindful of the potential impact of corporate activity in North America and uncertainty in the Ukraine.
AEP's performance during the period has been encouraging, particularly amongst those of its businesses which serve the oil and gas industry, as it has continued to make progress towards the strategic objectives for the development of its businesses globally. As previously indicated, AEP's result for the first half reflected certain customer sales being deferred from the first half of the year, which are now expected to be made up in the second half of the current year or in the following financial year, as well as the Group's incremental revenue investment in both human capital and innovation to underpin the continuation of the strong organic growth achieved in recent years in this division.
Overall, AEP is expected to make progress in constant currency terms in its seasonally stronger second half, which is anticipated to have a slightly higher weighting of revenue and operating profit than in recent years.
Since Fenner's interim management statement in January 2014, sterling has seen relatively modest movements against all the major currencies in which the Group's revenues are generated. Translation of the Group's results for its financial year ended 31 August 2013 using average current rates would have reduced underlying operating profit by £8.7 million to £92.8 million and underlying earnings per share by approximately 2.6 pence to 27.5 pence.
The Group's financial position remains strong. The Group expects to report net borrowings at 28 February 2014 of circa £135 million (£172 million as at 28 February 2013, equivalent to £154 million using exchange rates prevailing on 28 February 2014).
- Ends -
HARRYCAT
- 11 Mar 2014 07:56
- 242 of 312
maggiebt4
- 23 Apr 2014 09:53
- 243 of 312
April 23 (Reuters) – Fenner Plc
H1 pretax profit 17.6 million stg versus 26.1 million stg year ago
H1 revenue 359.8 million stg versus 391.3 million stg year ago
Interim dividend up 7 percent to 4 penceper share
H1 dividend per share 4.0p versus 3.75p
Sentiment within US coal mining industry has remained cautious but ECS performed well in Australia, South Africa and China
Advanced engineered products delivered an encouraging performance, particularly oil & gas facing business
Further progress is anticipated in ECS's newer markets, which is expected to offset weak demand from customers in Russia, Ukraine and UK
Seasonal weighting of revenues and operating profit towards second half is expected to be slightly more accentuated than in recent years
Source text for Eikon: [ID:nRSW2324Fa] Further company coverage: [FENR.L]
H1 pretax profit 17.6 million stg versus 26.1 million stg year ago
H1 revenue 359.8 million stg versus 391.3 million stg year ago
Interim dividend up 7 percent to 4 penceper share
H1 dividend per share 4.0p versus 3.75p
Sentiment within US coal mining industry has remained cautious but ECS performed well in Australia, South Africa and China
Advanced engineered products delivered an encouraging performance, particularly oil & gas facing business
Further progress is anticipated in ECS's newer markets, which is expected to offset weak demand from customers in Russia, Ukraine and UK
Seasonal weighting of revenues and operating profit towards second half is expected to be slightly more accentuated than in recent years
Source text for Eikon: [ID:nRSW2324Fa] Further company coverage: [FENR.L]
skinny
- 30 May 2014 07:20
- 244 of 312
maggiebt4
- 30 May 2014 08:12
- 245 of 312
Ouch!
HARRYCAT
- 30 May 2014 08:17
- 246 of 312
"The combined effect of these factors could be to reduce the Group's underlying profit before tax by 10-15% relative to the prevailing market consensus forecast of £77.6 million."
About right so far on today's drop.
About right so far on today's drop.
skinny
- 30 May 2014 08:26
- 247 of 312
Hardly surprising....
N+1 Singer Hold 359.60 389.70 395.00 - Under Review
Finncap Hold 359.60 389.70 450.00 - Under Review
N+1 Singer Hold 359.60 389.70 395.00 - Under Review
Finncap Hold 359.60 389.70 450.00 - Under Review
skinny
- 30 May 2014 10:24
- 248 of 312
Numis Hold 341.85 389.70 - 400.00 Downgrades
Investec Sell 340.60 389.70 360.00 320.00 Retains
Investec Sell 340.60 389.70 360.00 320.00 Retains
skinny
- 03 Jun 2014 10:49
- 249 of 312
Espirito Santo Execution Noble Neutral 339.85 349.30 400.00 337.00 Reiterates
skinny
- 16 Jul 2014 07:11
- 250 of 312
Interim Management Statement
Overview
The Group's recent trading results have been in line with the guidance provided in May 2014.
During the period, the Group has made good progress in re-aligning and restructuring its activities to suit the local market conditions in each of the various regions where the Group operates.
ECS
In the USA, sentiment in the coal industry is unchanged and remains weak. Whilst there has been no further deterioration in ECS's trading position since the Group's trading update in May, there are no signs that any improvement is imminent and measures are being taken to manage costs and capacity across the business.
In Australia, ECS is continuing to benefit from high levels of mineral extraction, although lower commodity prices continue to impact miners' profitability. ECS has an active programme of contract tendering and, with its modern plant and skilled workforce, expects to maintain its share of the belting market in Australia.
Notwithstanding difficult market conditions in certain of its traditional markets, ECS is continuing to make progress in newer territories.
AEP
During the period, the performance of AEP has continued to be encouraging, with trading across the division having been in line with expectations. The recent Capital Markets Event highlighted the growth opportunities in the oil & gas and medical industries, which together account for around 40 per cent of its revenue. We are encouraged by the continuing contribution to the division's results from steady growth businesses such as Fenner Drives.
In support of continuing organic growth and as previously indicated, AEP has increased its revenue investment in innovation and leadership teams this year, and this higher level of investment is expected to be at least maintained in future years.
Financial position
The Group's financial position remains strong with borrowings in line with expectations.
Financial calendar
The Company expects to issue a pre-close statement on 9 September and to release its results for its current financial year on 11 November 2014.
Forward-looking statements
Certain statements contained in this statement constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fenner, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements.
Overview
The Group's recent trading results have been in line with the guidance provided in May 2014.
During the period, the Group has made good progress in re-aligning and restructuring its activities to suit the local market conditions in each of the various regions where the Group operates.
ECS
In the USA, sentiment in the coal industry is unchanged and remains weak. Whilst there has been no further deterioration in ECS's trading position since the Group's trading update in May, there are no signs that any improvement is imminent and measures are being taken to manage costs and capacity across the business.
In Australia, ECS is continuing to benefit from high levels of mineral extraction, although lower commodity prices continue to impact miners' profitability. ECS has an active programme of contract tendering and, with its modern plant and skilled workforce, expects to maintain its share of the belting market in Australia.
Notwithstanding difficult market conditions in certain of its traditional markets, ECS is continuing to make progress in newer territories.
AEP
During the period, the performance of AEP has continued to be encouraging, with trading across the division having been in line with expectations. The recent Capital Markets Event highlighted the growth opportunities in the oil & gas and medical industries, which together account for around 40 per cent of its revenue. We are encouraged by the continuing contribution to the division's results from steady growth businesses such as Fenner Drives.
In support of continuing organic growth and as previously indicated, AEP has increased its revenue investment in innovation and leadership teams this year, and this higher level of investment is expected to be at least maintained in future years.
Financial position
The Group's financial position remains strong with borrowings in line with expectations.
Financial calendar
The Company expects to issue a pre-close statement on 9 September and to release its results for its current financial year on 11 November 2014.
Forward-looking statements
Certain statements contained in this statement constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fenner, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements.
Basmseeker - 29 Aug 2014 21:43 - 251 of 312
Who are fenners peers and rivals? It would be interesting to know the name of the company they lost out to in Australia to carry out a peer analysis.
goldfinger
- 30 Aug 2014 03:41
- 252 of 312
Maybe..... All Rubber??...........
http://www.mining-technology.com/contractors/materials/allrubber/
http://www.mining-technology.com/contractors/materials/allrubber/
goldfinger
- 30 Aug 2014 04:09
- 253 of 312
But I think its these guys after a bit of detective work......
and one conveyor belt were delivered by DSMAC.
http://www.mining-technology.com/projects/sino-iron-project-cape-preston/
and one conveyor belt were delivered by DSMAC.
http://www.mining-technology.com/projects/sino-iron-project-cape-preston/
Basmseeker - 30 Aug 2014 18:53 - 254 of 312
Good work, thank you.
skinny
- 09 Sep 2014 07:49
- 255 of 312
Pre-close trading statement
Following a satisfactory end to its financial year, Fenner anticipates that its results for the year ended 31 August 2014 will be in line with expectations. Trading patterns across the Group have remained broadly unchanged since the interim management statement on 16 July 2014.
The Group has continued to re-align and restructure its activities to suit the local market conditions in each of the various regions where it operates. The Group expects to incur an exceptional charge in the second half of its financial year.
The Group's balance sheet remains strong. Net debt at 31 August 2014 was approximately £120 million (compared to £121 million at 31 August 2013).
The Group expects to release its results for the full year on 11 November 2014.
ends
Following a satisfactory end to its financial year, Fenner anticipates that its results for the year ended 31 August 2014 will be in line with expectations. Trading patterns across the Group have remained broadly unchanged since the interim management statement on 16 July 2014.
The Group has continued to re-align and restructure its activities to suit the local market conditions in each of the various regions where it operates. The Group expects to incur an exceptional charge in the second half of its financial year.
The Group's balance sheet remains strong. Net debt at 31 August 2014 was approximately £120 million (compared to £121 million at 31 August 2013).
The Group expects to release its results for the full year on 11 November 2014.
ends
skinny
- 09 Sep 2014 07:51
- 256 of 312
Investec Sell 350.00 350.00 300.00 320.00 Retains
skinny
- 11 Nov 2014 07:04
- 257 of 312
Final Results
· Results in line with revised expectations and impacted by currency movements
· Group revenue of £729.4 million, down 4 per cent at constant currency
· Underlying profit before taxation of £65.6 million and earnings per share of 23.3 pence
· Further progress by AEP, with record revenue at constant currency
· A resilient performance by ECS in difficult market conditions
· Increased final dividend of 8.0 pence making 12.0 pence for the year, an increase of 7 per cent
· Results in line with revised expectations and impacted by currency movements
· Group revenue of £729.4 million, down 4 per cent at constant currency
· Underlying profit before taxation of £65.6 million and earnings per share of 23.3 pence
· Further progress by AEP, with record revenue at constant currency
· A resilient performance by ECS in difficult market conditions
· Increased final dividend of 8.0 pence making 12.0 pence for the year, an increase of 7 per cent
HARRYCAT
- 11 Nov 2014 12:07
- 258 of 312
StockMarketWire.com
FinnCap reiterates hold on Fenner, target cut from 315p to 290p.
FinnCap reiterates hold on Fenner, target cut from 315p to 290p.
HARRYCAT
- 28 Nov 2014 08:36
- 259 of 312
Ex-divi 29th Jan 2015 (8p)
HARRYCAT
- 09 Jan 2015 08:43
- 260 of 312
Tempted for the divi, but chart support very tenuous at around the 200p level. Not a sector which is due to recover yet, so may let this one go.
Also goes to show what rubbish the broker's targets are.
skinny
- 14 Jan 2015 07:04
- 261 of 312
Trading Update
Overview
Trading in the period since 11th November 2014 has been characterised by a good performance by the AEP Division and an increasingly challenging environment in the ECS Division. In response to these conditions and the anticipated impact of the fall in oil prices on demand for oil and gas products within AEP, we have further increased our focus on margin control across the Group. Whilst seeking to ensure that the Group preserves its flexibility to respond to any recovery in its markets, cost reduction programmes have been implemented or accelerated and selected capital projects have been deferred across the Group.
AEP
Trading in the AEP division overall has been in line with expectations during the period, continuing the trend of improving performance reported in the second half of last year. The recent, precipitous fall in oil prices is expected to affect demand levels in those AEP businesses directly involved in the oil and gas industry from early in calendar year 2015. The non-oil, speciality polymer businesses in AEP, which represent approximately two-thirds of divisional turnover, are expected to continue to perform in line with expectations. Notwithstanding satisfactory current activity levels in the oil and gas related businesses, cost bases are being reduced in advance of the expected reduction in demand levels arising from oil prices, which are now widely expected to remain at or around current levels. These pre-emptive cost reductions are being carefully targeted to ensure that we retain our ability to continue to develop the business effectively.
ECS
Against a continuing backdrop of global mineral oversupply and correspondingly low commodity prices, any recovery in our ECS markets continues to be deferred. Demand levels in the Americas are stable, albeit at low levels, anticipated growth in EMEA has not been achieved and margins continue to decline in Australia as a result of customer-driven price pressures. In response to these circumstances, additional cost reductions are now being implemented in all territories to further protect trading margins. With only minimal near-term capital investment required in our ECS facilities, which have been well-invested through the programmes of the past decade, cash conversion is expected to be strong.
Outlook
Our balance sheet is strong, with borrowings remaining in line with expectations. We will complete the major project to consolidate our medical manufacturing facilities in the USA, which is vital to allow continuing strategic growth. Other capital programmes for 2015 are being curtailed to include only essential or near-term payback projects. In addition, future major projects have been deferred pending improved market conditions, which is currently expected to result in significantly lower capital expenditure in 2016 than previously indicated.
In addition to ongoing programmes to aggressively manage variable costs, these new management actions will reduce the run rate of cash overhead expenditure across the group by an incremental £9m on an annualised basis.
Recognising the anticipated effect of lower oil prices and the challenging trading conditions in ECS, offset by cost reductions across the Group, we now anticipate 2015 full year earnings to be slightly below our previous range of expectations. In addition, an exceptional charge will arise from implementation of the cost savings initiated during this year. Our actions leave the group well positioned to take advantage of recovery when it occurs.
Overview
Trading in the period since 11th November 2014 has been characterised by a good performance by the AEP Division and an increasingly challenging environment in the ECS Division. In response to these conditions and the anticipated impact of the fall in oil prices on demand for oil and gas products within AEP, we have further increased our focus on margin control across the Group. Whilst seeking to ensure that the Group preserves its flexibility to respond to any recovery in its markets, cost reduction programmes have been implemented or accelerated and selected capital projects have been deferred across the Group.
AEP
Trading in the AEP division overall has been in line with expectations during the period, continuing the trend of improving performance reported in the second half of last year. The recent, precipitous fall in oil prices is expected to affect demand levels in those AEP businesses directly involved in the oil and gas industry from early in calendar year 2015. The non-oil, speciality polymer businesses in AEP, which represent approximately two-thirds of divisional turnover, are expected to continue to perform in line with expectations. Notwithstanding satisfactory current activity levels in the oil and gas related businesses, cost bases are being reduced in advance of the expected reduction in demand levels arising from oil prices, which are now widely expected to remain at or around current levels. These pre-emptive cost reductions are being carefully targeted to ensure that we retain our ability to continue to develop the business effectively.
ECS
Against a continuing backdrop of global mineral oversupply and correspondingly low commodity prices, any recovery in our ECS markets continues to be deferred. Demand levels in the Americas are stable, albeit at low levels, anticipated growth in EMEA has not been achieved and margins continue to decline in Australia as a result of customer-driven price pressures. In response to these circumstances, additional cost reductions are now being implemented in all territories to further protect trading margins. With only minimal near-term capital investment required in our ECS facilities, which have been well-invested through the programmes of the past decade, cash conversion is expected to be strong.
Outlook
Our balance sheet is strong, with borrowings remaining in line with expectations. We will complete the major project to consolidate our medical manufacturing facilities in the USA, which is vital to allow continuing strategic growth. Other capital programmes for 2015 are being curtailed to include only essential or near-term payback projects. In addition, future major projects have been deferred pending improved market conditions, which is currently expected to result in significantly lower capital expenditure in 2016 than previously indicated.
In addition to ongoing programmes to aggressively manage variable costs, these new management actions will reduce the run rate of cash overhead expenditure across the group by an incremental £9m on an annualised basis.
Recognising the anticipated effect of lower oil prices and the challenging trading conditions in ECS, offset by cost reductions across the Group, we now anticipate 2015 full year earnings to be slightly below our previous range of expectations. In addition, an exceptional charge will arise from implementation of the cost savings initiated during this year. Our actions leave the group well positioned to take advantage of recovery when it occurs.
skinny
- 14 Jan 2015 08:05
- 262 of 312
skinny
- 14 Jan 2015 08:38
- 263 of 312
N+1 Singer Hold 195.75 201.00 201.00 Retains
finnCap Under Review 195.75 - - Under Review
finnCap Under Review 195.75 - - Under Review
HARRYCAT
- 14 Jan 2015 08:43
- 264 of 312
What happened to the directional signal?!!! Good job I didn't base my investment strategy on it!!! ;o)
skinny
- 14 Jan 2015 08:44
- 265 of 312
Harry :-)
Bought a few earlier @183.5 with an eye on the up coming dividend - currently in auction and I think I'll sell if I can get 20 points.
Bought a few earlier @183.5 with an eye on the up coming dividend - currently in auction and I think I'll sell if I can get 20 points.
skinny
- 14 Jan 2015 08:46
- 266 of 312
Out @205p had I bought more, I may have held.
skinny
- 14 Jan 2015 12:31
- 267 of 312
Looks like I should have stayed in - did you buy Harry?
Credit Suisse Neutral 208.50 280.00 220.00 Reiterates
Canaccord Genuity Hold 208.50 400.00 250.00 Downgrades
Investec Hold 208.50 200.00 190.00 Reiterates
Panmure Gordon Sell 208.50 - 200.00 Reiterates
Numis Hold 208.50 - 220.00 Reiterates
Liberum Capital Hold 208.50 - - Reiterates
N+1 Singer Hold 208.50 201.00 201.00 Retains
finnCap Under Review 208.50 - - Under Review
Credit Suisse Neutral 208.50 280.00 220.00 Reiterates
Canaccord Genuity Hold 208.50 400.00 250.00 Downgrades
Investec Hold 208.50 200.00 190.00 Reiterates
Panmure Gordon Sell 208.50 - 200.00 Reiterates
Numis Hold 208.50 - 220.00 Reiterates
Liberum Capital Hold 208.50 - - Reiterates
N+1 Singer Hold 208.50 201.00 201.00 Retains
finnCap Under Review 208.50 - - Under Review
HARRYCAT
- 14 Jan 2015 12:53
- 268 of 312
I haven't. I still think this sector is out of favour, particularly as their customers are mostly within the mining industry, which is on it's knees atm. Sub 200p is likely again, imo.
skinny
- 02 Feb 2015 07:08
- 269 of 312
Acquisition of Charter Medical Limited ("Charter")
Fenner is pleased to announce that its wholly owned subsidiary Fenner Drives, Inc. has acquired 100% of the share capital of Charter from its parent company Lydall, Inc. a publicly traded company (NYSE: LDL) headquartered in Connecticut. Charter will be integrated into Solesis Medical Technologies ("Solesis"), part of Fenner's AEP division.
The consideration of US$29.9m was satisfied in cash at completion and the transaction is expected to be earnings enhancing immediately upon acquisition.
Charter manufactures specialty single-use assemblies and Class I and Class II medical devices for the collection, processing, storage and filtration of biological and bioprocessing fluids. Charter also produces bio-containers and fluid management sets that serve a range of life science applications including biopharmaceutical manufacturing, cell therapy and cryogenic storage. Charter is a single site company based in Winston-Salem, North Carolina.
As at 31 December 2014, unaudited gross assets acquired were US$6.9m with underlying EBITDA (1) of US$3.3m for the 12 months to 31 December 2014 on sales of US$19.6m.
The entire workforce of Charter have become employees of Fenner upon completion and will continue to be led by General Manager, Mr. Gael Peron.
Fenner is pleased to announce that its wholly owned subsidiary Fenner Drives, Inc. has acquired 100% of the share capital of Charter from its parent company Lydall, Inc. a publicly traded company (NYSE: LDL) headquartered in Connecticut. Charter will be integrated into Solesis Medical Technologies ("Solesis"), part of Fenner's AEP division.
The consideration of US$29.9m was satisfied in cash at completion and the transaction is expected to be earnings enhancing immediately upon acquisition.
Charter manufactures specialty single-use assemblies and Class I and Class II medical devices for the collection, processing, storage and filtration of biological and bioprocessing fluids. Charter also produces bio-containers and fluid management sets that serve a range of life science applications including biopharmaceutical manufacturing, cell therapy and cryogenic storage. Charter is a single site company based in Winston-Salem, North Carolina.
As at 31 December 2014, unaudited gross assets acquired were US$6.9m with underlying EBITDA (1) of US$3.3m for the 12 months to 31 December 2014 on sales of US$19.6m.
The entire workforce of Charter have become employees of Fenner upon completion and will continue to be led by General Manager, Mr. Gael Peron.
skinny
- 04 Feb 2015 11:41
- 270 of 312
Looking better Harry?
;MA(50);MA(200)&IND=MACD(26,12,9);RSI(14);VOLMA(60)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
HARRYCAT
- 04 Feb 2015 11:46
- 271 of 312
Not for me yet, I'm afraid.
skinny
- 04 Feb 2015 16:12
- 272 of 312
Gap closed for now +7.1%.
skinny
- 12 Mar 2015 07:06
- 273 of 312
HARRYCAT
- 22 Apr 2015 08:05
- 274 of 312
StockMarketWire.com
Fenner - a world leader in reinforced polymer technology - posts underlying operating profits of £28.7m for the six months to the end of February, down from £36.6m last time.
Revenues fell to £347.6m from £359.8m and underlying pre-tax profits dropped to £21.8m from £29.6m.
The group posts a pre-tax loss of £5.1m against a profit of £17.6m in 2014.
The interim dividend is maintained at 4.0p per share.
Chief executive Nicholas Hobson said: "The Group's results for the period reflect a good performance by the AEP division and a reduced result from the ECS division which faced challenging market conditions.
"AEP's industrial, medical and other non-oil speciality polymer businesses, which account for some 70 per cent of AEP's revenue, are expected to continue to perform well. The financial results for the second half of the year will also benefit from the acquisition of Charter Medical.
"The remainder of AEP is seeing an impact from lower levels of activity in the oil & gas industry as a result of sharply reduced oil and gas prices. Order intake started to decline in February; the timing and extent of the decline are within the range of our planning assumptions.
"ECS expects to see a continuation of the difficult trading conditions across all of its regions.
"In response to the trading conditions being faced, cash overheads across the Group have been reduced. The Group will continue to closely manage all aspects of its costs and cash flow.
"Taking into account the management actions we are taking in response to the trading conditions, the board's expectations for the outcome for the year remain substantially unchanged overall."
Fenner - a world leader in reinforced polymer technology - posts underlying operating profits of £28.7m for the six months to the end of February, down from £36.6m last time.
Revenues fell to £347.6m from £359.8m and underlying pre-tax profits dropped to £21.8m from £29.6m.
The group posts a pre-tax loss of £5.1m against a profit of £17.6m in 2014.
The interim dividend is maintained at 4.0p per share.
Chief executive Nicholas Hobson said: "The Group's results for the period reflect a good performance by the AEP division and a reduced result from the ECS division which faced challenging market conditions.
"AEP's industrial, medical and other non-oil speciality polymer businesses, which account for some 70 per cent of AEP's revenue, are expected to continue to perform well. The financial results for the second half of the year will also benefit from the acquisition of Charter Medical.
"The remainder of AEP is seeing an impact from lower levels of activity in the oil & gas industry as a result of sharply reduced oil and gas prices. Order intake started to decline in February; the timing and extent of the decline are within the range of our planning assumptions.
"ECS expects to see a continuation of the difficult trading conditions across all of its regions.
"In response to the trading conditions being faced, cash overheads across the Group have been reduced. The Group will continue to closely manage all aspects of its costs and cash flow.
"Taking into account the management actions we are taking in response to the trading conditions, the board's expectations for the outcome for the year remain substantially unchanged overall."
HARRYCAT
- 22 Jul 2015 08:23
- 275 of 312
StockMarketWire.com
Fenner has warned that full year earnings, after recognising a lower tax rate, will be slightly below previous management expectations.
It says leading indicators in the mining and energy industries are not yet showing any signs of recovery and the group anticipates the recent challenging market conditions will continue.
It adds: "Nevertheless, we remain encouraged by the focussed way in which the ECS and oil and gas businesses are responding to cost management initiatives.
"We expect the strong performance by the industrial, medical and other non-oil businesses within AEP to continue for the remainder of the year and we anticipate that, for AEP as a whole, the outcome for the year will be in line with previous management expectations.
"However the recent developments in ECS's businesses will result in full year Group earnings, after recognising a lower tax rate, being slightly below previous management expectations.
"Cash exceptional costs in the current financial year arising from our programme to restructure and refocus our business are expected to remain in line with previous guidance at below £10m."
Fenner has warned that full year earnings, after recognising a lower tax rate, will be slightly below previous management expectations.
It says leading indicators in the mining and energy industries are not yet showing any signs of recovery and the group anticipates the recent challenging market conditions will continue.
It adds: "Nevertheless, we remain encouraged by the focussed way in which the ECS and oil and gas businesses are responding to cost management initiatives.
"We expect the strong performance by the industrial, medical and other non-oil businesses within AEP to continue for the remainder of the year and we anticipate that, for AEP as a whole, the outcome for the year will be in line with previous management expectations.
"However the recent developments in ECS's businesses will result in full year Group earnings, after recognising a lower tax rate, being slightly below previous management expectations.
"Cash exceptional costs in the current financial year arising from our programme to restructure and refocus our business are expected to remain in line with previous guidance at below £10m."
HARRYCAT
- 22 Jul 2015 11:38
- 276 of 312
Jefferies International reiterates buy on Fenner, target cut from 235p to 220p.
skinny
- 22 Jul 2015 11:47
- 277 of 312
Time to dust off the slide rule here?
CC
- 22 Jul 2015 11:56
- 278 of 312
220 would be nice.
I have a very small quantity I bought at 195 and it hasn't been my best trade.
I have a very small quantity I bought at 195 and it hasn't been my best trade.
HARRYCAT
- 22 Jul 2015 11:56
- 279 of 312
Yes, I have been tempted, but looking at the 10 year chart and bearing in mind that summer trading is usually very thin, I think there might be a bit more downside. However, on my watchlist.
HARRYCAT
- 08 Sep 2015 08:44
- 280 of 312
StockMarketWire.com
Fenner expects group revenue and underlying profit for the year ended 31 August to be in line with forecasts at the time of the trading update on 22 July.
Net debt at 31 August was approximately £140 million, principally reflecting a better than anticipated outcome in respect of working capital.
The group expects to release its results for the full year on 11 November 2015.
Fenner expects group revenue and underlying profit for the year ended 31 August to be in line with forecasts at the time of the trading update on 22 July.
Net debt at 31 August was approximately £140 million, principally reflecting a better than anticipated outcome in respect of working capital.
The group expects to release its results for the full year on 11 November 2015.
skinny
- 08 Sep 2015 13:57
- 281 of 312
Investec Sell 170.50 155.00 140.00 Reiterates
Liberum Capital Hold 170.50 - 200.00 Reiterates
finnCap Hold 170.50 175.00 175.00 Reiterates
Liberum Capital Hold 170.50 - 200.00 Reiterates
finnCap Hold 170.50 175.00 175.00 Reiterates
CC
- 08 Sep 2015 21:10
- 282 of 312
Big volume day today which may suggest the worst is over.
skinny
- 09 Sep 2015 14:15
- 283 of 312
Chris Carson
- 11 Nov 2015 07:41
- 284 of 312
Annual revenues fall 9% at Fenner
StockMarketWire.com
Fenner, a leader in reinforced polymer technology, has announced that Group revenue decreased by 9% to £666.7m in the year to August 31 2015 (2014: £729.4m).
Underlying operating profit decreased by 29% to £56.4m (2014: £79.5m).
The company says that throughout the year, there was stringent management of the cost base and several cost restructuring initiatives were completed.
Exceptional items amounted to a charge of £34.4m (2014: £19.7m). This comprised impairment costs relating to goodwill and intangible assets acquired of £24.5m and restructuring costs of £9.9m.
Overall this led to a loss before tax of £5.3m, compared to a profit of £29.2m in the previous year. Nicholas Hobson, chief executive officer, commented: "In the financial year to 31 August 2015, the Group has faced difficult trading conditions in some of its key markets. We have responded by rigorous control of costs and the close management of cash and working capital, whilst still maintaining our ability to resume growth when market conditions allow.
"Trading in the majority of the Group remains in line with management expectations. However, in the light of the recent further deterioration in the US coal industry, the Board envisages that the Group is likely to achieve an outcome for the current financial year which is moderately below its previous expectations."
StockMarketWire.com
Fenner, a leader in reinforced polymer technology, has announced that Group revenue decreased by 9% to £666.7m in the year to August 31 2015 (2014: £729.4m).
Underlying operating profit decreased by 29% to £56.4m (2014: £79.5m).
The company says that throughout the year, there was stringent management of the cost base and several cost restructuring initiatives were completed.
Exceptional items amounted to a charge of £34.4m (2014: £19.7m). This comprised impairment costs relating to goodwill and intangible assets acquired of £24.5m and restructuring costs of £9.9m.
Overall this led to a loss before tax of £5.3m, compared to a profit of £29.2m in the previous year. Nicholas Hobson, chief executive officer, commented: "In the financial year to 31 August 2015, the Group has faced difficult trading conditions in some of its key markets. We have responded by rigorous control of costs and the close management of cash and working capital, whilst still maintaining our ability to resume growth when market conditions allow.
"Trading in the majority of the Group remains in line with management expectations. However, in the light of the recent further deterioration in the US coal industry, the Board envisages that the Group is likely to achieve an outcome for the current financial year which is moderately below its previous expectations."
HARRYCAT
- 11 Nov 2015 12:02
- 285 of 312
Investec comment:
"Fenner has faced deteriorating markets for the last two years and the momentum is still downwards. The FY15 results were close enough to much-reduced expectations, but the outlook still requires a ‘moderate’ downward adjustment to guidance. We expect that FY16 consensus will be reduced by c.10% and we still see risk to the dividend (maintained for now and yielding almost 8%). On the expectation of lower estimates and given a PE-based valuation (currently under review), we reiterate our Sell recommendation.
Trading. Cost control in both operations and selective investment in AEP were the main themes of FY15, with market conditions providing very little cheer. Revenue declined by 9% (14% in ECS) and operating profits were down by 29%, in spite of management’s best efforts. The result for the year was close enough to our expectations, although these have been reduced 15 times in the last two years. However, conditions continue to deteriorate in the US coal industry and Fenner is guiding lower for FY16 as a result. Its ‘moderate’ change is unquantified, but we expect c.10%, and restructuring initiatives are to be announced soon.
Outlook. Fenner has taken a further £24.5m impairment charge (the same as in the prior year), which will have been based on expected future cash flows. In spite of the anticipated lower capex outflows (following completion of projects in AEP), we do not believe that earnings or cash flow will fully justify the current level of dividend distribution and we therefore maintain lower dividend estimates, notwithstanding the decision to pay 12.00p in respect of FY15.
Stance. Until we see end-market stability, it will be difficult to be confident in estimates for Fenner, and therefore to believe a valuation of the shares based on earnings. Clearly, we have not yet reached that point, so we maintain a Sell recommendation, with our detailed estimates and target price placed under review."
"Fenner has faced deteriorating markets for the last two years and the momentum is still downwards. The FY15 results were close enough to much-reduced expectations, but the outlook still requires a ‘moderate’ downward adjustment to guidance. We expect that FY16 consensus will be reduced by c.10% and we still see risk to the dividend (maintained for now and yielding almost 8%). On the expectation of lower estimates and given a PE-based valuation (currently under review), we reiterate our Sell recommendation.
Trading. Cost control in both operations and selective investment in AEP were the main themes of FY15, with market conditions providing very little cheer. Revenue declined by 9% (14% in ECS) and operating profits were down by 29%, in spite of management’s best efforts. The result for the year was close enough to our expectations, although these have been reduced 15 times in the last two years. However, conditions continue to deteriorate in the US coal industry and Fenner is guiding lower for FY16 as a result. Its ‘moderate’ change is unquantified, but we expect c.10%, and restructuring initiatives are to be announced soon.
Outlook. Fenner has taken a further £24.5m impairment charge (the same as in the prior year), which will have been based on expected future cash flows. In spite of the anticipated lower capex outflows (following completion of projects in AEP), we do not believe that earnings or cash flow will fully justify the current level of dividend distribution and we therefore maintain lower dividend estimates, notwithstanding the decision to pay 12.00p in respect of FY15.
Stance. Until we see end-market stability, it will be difficult to be confident in estimates for Fenner, and therefore to believe a valuation of the shares based on earnings. Clearly, we have not yet reached that point, so we maintain a Sell recommendation, with our detailed estimates and target price placed under review."
CC
- 11 Nov 2015 20:24
- 286 of 312
Dividend yield of 8.5% with two thirds of it announced in today's RNS so secure
HARRYCAT
- 11 Nov 2015 22:17
- 287 of 312
Yes, but the sp is still likely to decline between now and the divi date and when it goes ex-divi it will presumably adjust downwards to compensate. Lots of companies are lowering their forecasts this week and FENR is no exception. Sadly I can't see any upside at the moment.
HARRYCAT
- 13 Jan 2016 08:41
- 288 of 312
StockMarketWire.com
Fenner is restructuring its conveyor belt business in North America and axing more than 20% of jobs in its ECS Americas' operation.
Fenner says the the outlook for the majority of the group remains in line with previous expectations.
Fenner says that in response to the slowdown in the coal industry, ECS Americas has, over recent years, been increasing its focus on industrial markets whilst continuously reducing costs; in the financial year ended 31 August 2015, the annualised cost base of the business (excluding raw material savings) was reduced by GBP9m (10 per cent), with headcount being reduced by 11%.
The restructuring announced today represents a significant step-change in the refocusing of the business with specific new product development, improved customer service and enhanced manufacturing efficiencies.
The principal elements of the programme are:
- Added focus on industrial belt markets with improvements in customer service levels and manufacturing efficiency, coupled with industry-specific new product development
- A change of focus within the coal sector towards those customers who are able to withstand the challenges presented in their markets
- The closure of the majority of the belt manufacturing facility at Port Clinton, Ohio (one of the two such facilities operated by ECS in North America)
- Significant additional savings in support functions, overheads and administration
- Specific measures to address underperforming non-belt manufacturing activities
In addition, ECS is undertaking a downsizing of its South American service business to reflect changing conditions in the copper mining industry.
It is envisaged that these measures will result in a reduction of over 20% of ECS Americas' headcount which, at 31 December 2015, stood at just over 800. The majority of the retrenchments are expected to be completed by the end of January.
Fenner is restructuring its conveyor belt business in North America and axing more than 20% of jobs in its ECS Americas' operation.
Fenner says the the outlook for the majority of the group remains in line with previous expectations.
Fenner says that in response to the slowdown in the coal industry, ECS Americas has, over recent years, been increasing its focus on industrial markets whilst continuously reducing costs; in the financial year ended 31 August 2015, the annualised cost base of the business (excluding raw material savings) was reduced by GBP9m (10 per cent), with headcount being reduced by 11%.
The restructuring announced today represents a significant step-change in the refocusing of the business with specific new product development, improved customer service and enhanced manufacturing efficiencies.
The principal elements of the programme are:
- Added focus on industrial belt markets with improvements in customer service levels and manufacturing efficiency, coupled with industry-specific new product development
- A change of focus within the coal sector towards those customers who are able to withstand the challenges presented in their markets
- The closure of the majority of the belt manufacturing facility at Port Clinton, Ohio (one of the two such facilities operated by ECS in North America)
- Significant additional savings in support functions, overheads and administration
- Specific measures to address underperforming non-belt manufacturing activities
In addition, ECS is undertaking a downsizing of its South American service business to reflect changing conditions in the copper mining industry.
It is envisaged that these measures will result in a reduction of over 20% of ECS Americas' headcount which, at 31 December 2015, stood at just over 800. The majority of the retrenchments are expected to be completed by the end of January.
Balerboy
- 14 Jan 2016 11:44
- 289 of 312
Good div coming up but am afraid when sp drops it will take a long time to recover if at all.
HARRYCAT
- 14 Jan 2016 11:58
- 290 of 312
I think it will recover Bb, but might take a couple of years. When the mining sector starts to pick up, might be worth buying a few more.
HARRYCAT
- 27 Jan 2016 08:04
- 291 of 312
Ex-divi thurs 28th Jan (8p).
CC
- 27 Jan 2016 13:17
- 292 of 312
8p. I guess it's all in the price - we shall see
HARRYCAT
- 10 Mar 2016 08:18
- 293 of 312
StockMarketWire.com
Fenner confirms that its trading performance in the first half of the financial year has remained in line with the expectations included in the AGM trading update issued on 13 January, notwithstanding that end markets continue to be challenging, most notably oil & gas where the North American rig count has reduced further.
Net debt at 29 February was approximately GBP156m (28 February 2015: GBP177m at constant exchange rates).
The group expects to release its Half Yearly Report on 27 April 2016.
Fenner confirms that its trading performance in the first half of the financial year has remained in line with the expectations included in the AGM trading update issued on 13 January, notwithstanding that end markets continue to be challenging, most notably oil & gas where the North American rig count has reduced further.
Net debt at 29 February was approximately GBP156m (28 February 2015: GBP177m at constant exchange rates).
The group expects to release its Half Yearly Report on 27 April 2016.
HARRYCAT
- 13 Jul 2016 07:40
- 294 of 312
StockMarketWire.com
Fenner expects to achieve an overall outcome for the financial year ending 31 August in line with previous forecasts, save for the small currency related increase in earnings due to the depreciation of sterling.
It says trading results for the third quarter have reflected further improvements in line with its plans.
This performance is against the backdrop of its principal markets having shown no recovery and, in some cases, having deteriorated further. In response to these conditions, the group has succeeded in achieving further benefits from operational efficiencies and market share gains.
An update says: "AEP's medical businesses have continued to perform well and the Secant relocation programme is now entering the testing and certification phase. Although the industrial businesses are seeing some fragility in their wider markets, new product initiatives are offsetting these effects.
"Whilst the recent small increase in the US rig count, combined with market share gains, is expected to benefit our oil/gas businesses, given lead times, the effect of this is most likely to be felt in the new financial year.
"In the Northern Hemisphere, ECS's industrial businesses have remained stable whilst the US coal industry continues to be challenging. The refocussing of our North American business remains on track.
"In Australia, ECS's operational improvements have mitigated on-going pricing pressures from customers in the mining industry.
"Cash flow during the period has reflected normal seasonality and has remained within the range of the Group's expectations. However, due to the recent significant deterioration in the value of sterling against the US dollar, the Group's net debt at the year-end is likely to be above previous expectations, entirely due to currency translation.
"The depreciation of sterling will also benefit the translation of the Group's overseas earnings albeit that, given the timing, the impact in the current financial year will be marginal. In any event, the underlying net debt to EBITDA ratio, as measured by the Group's lenders using constant currencies, will not be significantly impacted."
Fenner expects to achieve an overall outcome for the financial year ending 31 August in line with previous forecasts, save for the small currency related increase in earnings due to the depreciation of sterling.
It says trading results for the third quarter have reflected further improvements in line with its plans.
This performance is against the backdrop of its principal markets having shown no recovery and, in some cases, having deteriorated further. In response to these conditions, the group has succeeded in achieving further benefits from operational efficiencies and market share gains.
An update says: "AEP's medical businesses have continued to perform well and the Secant relocation programme is now entering the testing and certification phase. Although the industrial businesses are seeing some fragility in their wider markets, new product initiatives are offsetting these effects.
"Whilst the recent small increase in the US rig count, combined with market share gains, is expected to benefit our oil/gas businesses, given lead times, the effect of this is most likely to be felt in the new financial year.
"In the Northern Hemisphere, ECS's industrial businesses have remained stable whilst the US coal industry continues to be challenging. The refocussing of our North American business remains on track.
"In Australia, ECS's operational improvements have mitigated on-going pricing pressures from customers in the mining industry.
"Cash flow during the period has reflected normal seasonality and has remained within the range of the Group's expectations. However, due to the recent significant deterioration in the value of sterling against the US dollar, the Group's net debt at the year-end is likely to be above previous expectations, entirely due to currency translation.
"The depreciation of sterling will also benefit the translation of the Group's overseas earnings albeit that, given the timing, the impact in the current financial year will be marginal. In any event, the underlying net debt to EBITDA ratio, as measured by the Group's lenders using constant currencies, will not be significantly impacted."
HARRYCAT
- 19 Aug 2016 08:29
- 295 of 312
Peel Hunt today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 190p (from 180p).
HARRYCAT
- 16 Nov 2016 09:23
- 296 of 312
StockMarketWire.com
Fenner's revenues fell to £572.5m in the year to the end of August from £666.7m and underlying operating profits of £37.1m were down from £56.4m.
The group posts a pre-tax loss of £30.3m - up from £5.3m - but says it has continued to make solid progress in challenging markets and there was an improved performance in the second half by both AEP and ECS as management actions took effect.
It says the current year is anticipated to be modestly ahead of previous expectations in addition to currency benefit.
Chief executive Mark Abrahams said: "The Group's results were ahead of our expectations at the time of the Annual General Meeting in January 2016, assisted by currency. Management actions have started to outweigh market pressures.
"The Group has made important progress in repositioning those businesses which have been most affected by market conditions. We achieved another strong performance in terms of generating cash and controlling costs.
"Taken as a whole, the Group has commenced the new financial year with a substantially reduced cost base and with several of the leading indicators for the Group's businesses showing a more positive trend.
"As a consequence, we now anticipate that the outcome for the current year will be modestly ahead of our previous expectations. In addition, the Group is experiencing a tailwind from the translation of overseas earnings into sterling, with the year-on-year impact on underlying operating profit from currency movements estimated to be £4m based on exchange rates prevailing during the early part of the new financial year."
Fenner's revenues fell to £572.5m in the year to the end of August from £666.7m and underlying operating profits of £37.1m were down from £56.4m.
The group posts a pre-tax loss of £30.3m - up from £5.3m - but says it has continued to make solid progress in challenging markets and there was an improved performance in the second half by both AEP and ECS as management actions took effect.
It says the current year is anticipated to be modestly ahead of previous expectations in addition to currency benefit.
Chief executive Mark Abrahams said: "The Group's results were ahead of our expectations at the time of the Annual General Meeting in January 2016, assisted by currency. Management actions have started to outweigh market pressures.
"The Group has made important progress in repositioning those businesses which have been most affected by market conditions. We achieved another strong performance in terms of generating cash and controlling costs.
"Taken as a whole, the Group has commenced the new financial year with a substantially reduced cost base and with several of the leading indicators for the Group's businesses showing a more positive trend.
"As a consequence, we now anticipate that the outcome for the current year will be modestly ahead of our previous expectations. In addition, the Group is experiencing a tailwind from the translation of overseas earnings into sterling, with the year-on-year impact on underlying operating profit from currency movements estimated to be £4m based on exchange rates prevailing during the early part of the new financial year."
HARRYCAT
- 06 Jan 2017 08:47
- 297 of 312
StockMarketWire.com
Fenner's trading in the first quarter has been satisfactory and reflects the progress it has been making in all its businesses, an update ahead of its annual general meeting today says.
Looking ahead it says: "Whilst market conditions remain similar to those reflected in our November statement, we are performing well and gaining traction from market share gains and from our refocusing of the businesses. As a consequence, the board envisages that the group's results for the current financial year will be comfortably above previous expectations."
Fenner's trading in the first quarter has been satisfactory and reflects the progress it has been making in all its businesses, an update ahead of its annual general meeting today says.
Looking ahead it says: "Whilst market conditions remain similar to those reflected in our November statement, we are performing well and gaining traction from market share gains and from our refocusing of the businesses. As a consequence, the board envisages that the group's results for the current financial year will be comfortably above previous expectations."
HARRYCAT
- 06 Jan 2017 11:29
- 298 of 312
Peel Hunt not today:
"AEP is seeing an improving trend in order intake and customer enquiries in Oil & Gas, reflecting its strengthening market position and a further rise in the US rig count. The Medical businesses are performing well and in line with expectations. ECS – some increase in order intake in North America, from very low levels.
Outlook – whilst market conditions remain similar to November, the group is enjoying market share gains. As a consequence, the Board envisages that the Group's results for the current financial year will be comfortably above previous expectations.
Forecasts: We expect to increase our August 2017 PBT by c10% to £34m (12.8p). The group is clearly now on an upward trajectory and we anticipate more material upgrades for FY2018E as the key end markets continue to recover, enhanced by further market share gains. On our indicative forecasts, the shares are trading on an August 2017 PER of 18.5x, falling to 15x August 2018 & 1.3% yield. We are increasing our target price to 300p and upgrade our recommendation to Buy."
"AEP is seeing an improving trend in order intake and customer enquiries in Oil & Gas, reflecting its strengthening market position and a further rise in the US rig count. The Medical businesses are performing well and in line with expectations. ECS – some increase in order intake in North America, from very low levels.
Outlook – whilst market conditions remain similar to November, the group is enjoying market share gains. As a consequence, the Board envisages that the Group's results for the current financial year will be comfortably above previous expectations.
Forecasts: We expect to increase our August 2017 PBT by c10% to £34m (12.8p). The group is clearly now on an upward trajectory and we anticipate more material upgrades for FY2018E as the key end markets continue to recover, enhanced by further market share gains. On our indicative forecasts, the shares are trading on an August 2017 PER of 18.5x, falling to 15x August 2018 & 1.3% yield. We are increasing our target price to 300p and upgrade our recommendation to Buy."
HARRYCAT
- 11 Jan 2017 08:33
- 299 of 312
Peel Hunt today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 330p (from 300p)
HARRYCAT
- 15 Feb 2017 11:09
- 300 of 312
Fenner PLC announces that its Advanced Sealing Technologies group of businesses has completed the final part of its restructuring to reposition its CDI European operations, it having completed the disposal of its Norwegian business on Monday, 13 February 2017. This sale enables CDI to centralise the European business back into its principal operation in Houston, Texas which is where CDI's main customer base is located. CDI has retained its operation in Singapore, which is also a key market for its products.
The restructuring will enable CDI to continue to concentrate on building market share, strengthening its market position and building on its customer service capabilities while also enhancing its product innovation and new product offering in what is a competitive environment. CDI will be able to operate on a leaner more efficient and cost effective basis as a result of this restructuring.
CDI designs and manufactures custom seals for upstream oil and gas applications and is the Group's largest oil & gas related business.
The gross assets disposed with this transaction equate to less than 1% of Advanced Sealing Technologies' gross assets.
The restructuring will enable CDI to continue to concentrate on building market share, strengthening its market position and building on its customer service capabilities while also enhancing its product innovation and new product offering in what is a competitive environment. CDI will be able to operate on a leaner more efficient and cost effective basis as a result of this restructuring.
CDI designs and manufactures custom seals for upstream oil and gas applications and is the Group's largest oil & gas related business.
The gross assets disposed with this transaction equate to less than 1% of Advanced Sealing Technologies' gross assets.
HARRYCAT
- 05 Apr 2017 10:06
- 301 of 312
Peel Hunt today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 360p (from 330p).
HARRYCAT
- 19 Apr 2017 10:47
- 302 of 312
StockMarketWire.com
Fenner's underlying pre-tax profits more than doubled to £16,5m in the six months to the end of February - up from £8.1m last time.
Revenues rose to £307.4m from £276.8m and the group made a pre-tax profit of £13.8m against a loss of £23.1m a year ago.
The group said revenue was assisted by market share gains and exchange rates and underlying operating profits rose by 60% £24.0m - 27% up at constant currencies.
Chief executive Mark Abrahams said: "It is pleasing that the restructuring of the group has created a platform from which we are now growing and making steady market share gains. We look forward to maintaining this momentum."
Fenner's underlying pre-tax profits more than doubled to £16,5m in the six months to the end of February - up from £8.1m last time.
Revenues rose to £307.4m from £276.8m and the group made a pre-tax profit of £13.8m against a loss of £23.1m a year ago.
The group said revenue was assisted by market share gains and exchange rates and underlying operating profits rose by 60% £24.0m - 27% up at constant currencies.
Chief executive Mark Abrahams said: "It is pleasing that the restructuring of the group has created a platform from which we are now growing and making steady market share gains. We look forward to maintaining this momentum."
HARRYCAT
- 20 Apr 2017 10:14
- 303 of 312
Citigroup today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 380p (from 348p).
JP Morgan Cazenove today reaffirms its neutral investment rating on Fenner PLC (LON:FENR) and raised its price target to 275p (from 255p).
Peel Hunt today (24/04/17) reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 380p (from 360p).
finnCap today (25/04/17) reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 385p (from 335p).
JP Morgan Cazenove today reaffirms its neutral investment rating on Fenner PLC (LON:FENR) and raised its price target to 275p (from 255p).
Peel Hunt today (24/04/17) reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 380p (from 360p).
finnCap today (25/04/17) reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 385p (from 335p).
HARRYCAT
- 07 Jul 2017 09:42
- 304 of 312
StockMarketWire.com
Fenner expects full-year operating profits to be comfortably ahead of previous forecasts.
Fenner said it continued to make strong progress since 1 March, principally in new product development, augmented by a further increase in the US rig count.
It said that AEP's performance continued to strengthen across each product area.
An update said: "In particular, our Medical businesses are experiencing strong revenue growth from the development of new customer projects.
"This provides an encouraging platform for long term growth in line with our plans. In Oil & Gas, the growing order book is now translating into increased sales.
"Our Industrial businesses are performing ahead of last year, reflecting new product launches.
"ECS continues to deliver the planned improvements."
Looking ahead, it said: "Trading across the group remains positive and, on the basis of the improved outlook, most notably in the medical businesses, the board anticipates that the group's operating profit for the financial year ending 31 August 2017 will be comfortably ahead of its previous expectations, with the added benefit of a reduced interest charge going forward."
Fenner expects full-year operating profits to be comfortably ahead of previous forecasts.
Fenner said it continued to make strong progress since 1 March, principally in new product development, augmented by a further increase in the US rig count.
It said that AEP's performance continued to strengthen across each product area.
An update said: "In particular, our Medical businesses are experiencing strong revenue growth from the development of new customer projects.
"This provides an encouraging platform for long term growth in line with our plans. In Oil & Gas, the growing order book is now translating into increased sales.
"Our Industrial businesses are performing ahead of last year, reflecting new product launches.
"ECS continues to deliver the planned improvements."
Looking ahead, it said: "Trading across the group remains positive and, on the basis of the improved outlook, most notably in the medical businesses, the board anticipates that the group's operating profit for the financial year ending 31 August 2017 will be comfortably ahead of its previous expectations, with the added benefit of a reduced interest charge going forward."
HARRYCAT
- 25 Jul 2017 07:36
- 305 of 312
StockMarketWire.com
Fenner - through its subsidiary Fenner Conveyor Belting (South Africa) (Pty) - has signed a long term agreement with Bearing Man Group (Pty) Ltd for BMG to distribute Fenner Conveyor Belting products in specified territories in sub-Saharan Africa.
Fenner said that as part of this arrangement, BMG was acquiring the ECS service operations and related assets in South Africa.
Fenner said its South African conveyor belt plant would supply BMG with conveyor belting for South Africa and the other specified territories.
Fenner chief executive Mark Abrahams said: "This is an exciting opportunity for both Fenner and BMG and further strengthens the long term relationship that exists between the companies.
"This transaction will enable both companies to harness their respective strengths and develop the sales opportunities in South Africa and the wider Sub-Saharan territories for conveyor belting using the well-respected, and well established branch and distributor network operated by BMG, one of the strongest operators in Africa."
Fenner - through its subsidiary Fenner Conveyor Belting (South Africa) (Pty) - has signed a long term agreement with Bearing Man Group (Pty) Ltd for BMG to distribute Fenner Conveyor Belting products in specified territories in sub-Saharan Africa.
Fenner said that as part of this arrangement, BMG was acquiring the ECS service operations and related assets in South Africa.
Fenner said its South African conveyor belt plant would supply BMG with conveyor belting for South Africa and the other specified territories.
Fenner chief executive Mark Abrahams said: "This is an exciting opportunity for both Fenner and BMG and further strengthens the long term relationship that exists between the companies.
"This transaction will enable both companies to harness their respective strengths and develop the sales opportunities in South Africa and the wider Sub-Saharan territories for conveyor belting using the well-respected, and well established branch and distributor network operated by BMG, one of the strongest operators in Africa."
HARRYCAT
- 18 Oct 2017 10:19
- 306 of 312
Peel Hunt today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 425p (from 380p)
HARRYCAT
- 15 Nov 2017 10:06
- 307 of 312
StockMarketWire.com
Fenner's underlying operating profits rose by 59% to £59.1m in the year to the end of August.
Revenues were up 14% at £655.4m and the group posted an operating profit of £53.4m compared with a loss of £14.7m last time.
Other highlights:
- Underlying pre-tax profit of £45.3m (up 95%) and underlying earnings per share of 17.7p (up 111%)
- Free cash flow of £69.0m (up 78%); net debt of £101.5m (2016: £150.0m), representing 1.2 times EBITDA
- AEP like-for-like revenue up by 11%; underlying operating profit of £43.9m (up 29% at constant currencies)
- Increased final dividend of 2.8p (up 40%) making total dividend for the year of 4.2p
Chief executive Mark Abrahams said: 'The group's results for 2017 show significant improvements over the previous year on all measures.
'These improvements illustrate the strength of the group's responses to the difficult trading conditions faced by the group in many of its principal markets over recent years and particularly reflect our continuing commitments to customer service, product development and operating efficiency.
'As we enter the new year, the outlook is strengthening.
'The group's momentum is being maintained with each of our businesses seeing opportunities and encouraging developments.
'We believe the coming year will see further progress across the group, notwithstanding the significant macro-economic uncertainties around the world.
'Overall, given the structural growth opportunities that the group has created, the board anticipates that the outcome will be above its previous expectations.'
Fenner's underlying operating profits rose by 59% to £59.1m in the year to the end of August.
Revenues were up 14% at £655.4m and the group posted an operating profit of £53.4m compared with a loss of £14.7m last time.
Other highlights:
- Underlying pre-tax profit of £45.3m (up 95%) and underlying earnings per share of 17.7p (up 111%)
- Free cash flow of £69.0m (up 78%); net debt of £101.5m (2016: £150.0m), representing 1.2 times EBITDA
- AEP like-for-like revenue up by 11%; underlying operating profit of £43.9m (up 29% at constant currencies)
- Increased final dividend of 2.8p (up 40%) making total dividend for the year of 4.2p
Chief executive Mark Abrahams said: 'The group's results for 2017 show significant improvements over the previous year on all measures.
'These improvements illustrate the strength of the group's responses to the difficult trading conditions faced by the group in many of its principal markets over recent years and particularly reflect our continuing commitments to customer service, product development and operating efficiency.
'As we enter the new year, the outlook is strengthening.
'The group's momentum is being maintained with each of our businesses seeing opportunities and encouraging developments.
'We believe the coming year will see further progress across the group, notwithstanding the significant macro-economic uncertainties around the world.
'Overall, given the structural growth opportunities that the group has created, the board anticipates that the outcome will be above its previous expectations.'
HARRYCAT
- 20 Nov 2017 10:02
- 308 of 312
Citigroup today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 425p (from 400p).
HARRYCAT
- 11 Jan 2018 08:31
- 309 of 312
StockMarketWire.com
Fenner expects operating income for the current financial year to be about its previous forecasts, according to update issued ahead of today's annual general meeting.
The group said it had a robust start to its financial year as it continued to transition from recovery to sustainable growth.
It said all businesses were performing well, with generally increasing order intakes and further benefits from on-going efficiency enhancements.
It said: 'The board envisages that, due to the recent increases in order intake in ECS, the consistent strength of AEP and the general strengthening of trading across the group, Fenner will achieve an operating outcome for the current financial year which is above its previous expectations.
'Looking beyond the current year, the group's strengthening market positions, an increasing expectation of the returns from its on-going investment in product development, the reduced US tax rate and the depth of expertise across the group's management team make the board increasingly confident about the future progress of the group.'
Fenner expects operating income for the current financial year to be about its previous forecasts, according to update issued ahead of today's annual general meeting.
The group said it had a robust start to its financial year as it continued to transition from recovery to sustainable growth.
It said all businesses were performing well, with generally increasing order intakes and further benefits from on-going efficiency enhancements.
It said: 'The board envisages that, due to the recent increases in order intake in ECS, the consistent strength of AEP and the general strengthening of trading across the group, Fenner will achieve an operating outcome for the current financial year which is above its previous expectations.
'Looking beyond the current year, the group's strengthening market positions, an increasing expectation of the returns from its on-going investment in product development, the reduced US tax rate and the depth of expertise across the group's management team make the board increasingly confident about the future progress of the group.'
CC
- 20 Mar 2018 11:27
- 310 of 312
Anyone still holding this?
Bid today.
I bought at 196 and sold at 285. I thought I did well at the time!
Bid today.
I bought at 196 and sold at 285. I thought I did well at the time!
HARRYCAT
- 20 Mar 2018 11:54
- 311 of 312
Sadly not CC. Have dipped in & out over the years, but missed the surge this time.
No info on the bidder yet.
No info on the bidder yet.
HARRYCAT
- 20 Mar 2018 11:57
- 312 of 312
Correction.....looks like Michelin.
UBS comment:
"In multiples it equates to 13x 2018E EBITDA, 18x EBITA (August year end). This falls to 12x and 15x respectively on our 2019E forecasts. This looks high versus the 7-8x EBITDA paid by Continental for Veyence a few years ago, but reflects in our opinion the higher growth profile of the AEP business at Fenner. The valuation being paid is in line with multiples paid for other UK engineers that have been acquired in recent years. In the context of Fenner having traded at an average 20-25% sector discount over the last decade this could seem a generous multiple. However, we would note that our 2018E EBITA is still only c70% of the 2012 peak profits and even if the past ECS peak may not be repeatable we do see further strong improvement forecast to 2020E.
We do not foresee any competition or regulator related barriers. The other question is whether there could be a counterbid at all?
While there are companies that could have a strategic fit with Fenner's divisions individually it is not obvious to us that there is a third party that would have the same strategic logic to bid for the whole group."
UBS comment:
"In multiples it equates to 13x 2018E EBITDA, 18x EBITA (August year end). This falls to 12x and 15x respectively on our 2019E forecasts. This looks high versus the 7-8x EBITDA paid by Continental for Veyence a few years ago, but reflects in our opinion the higher growth profile of the AEP business at Fenner. The valuation being paid is in line with multiples paid for other UK engineers that have been acquired in recent years. In the context of Fenner having traded at an average 20-25% sector discount over the last decade this could seem a generous multiple. However, we would note that our 2018E EBITA is still only c70% of the 2012 peak profits and even if the past ECS peak may not be repeatable we do see further strong improvement forecast to 2020E.
We do not foresee any competition or regulator related barriers. The other question is whether there could be a counterbid at all?
While there are companies that could have a strategic fit with Fenner's divisions individually it is not obvious to us that there is a third party that would have the same strategic logic to bid for the whole group."
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